Kingston Plaza
Retail & Office | Value Add Opportunity | Fort Lauderdale, FL
Marketing description
Vero Capital Group is pleased to present the opportunity to acquire Kingston Plaza, a two-story retail and professional office center located at 3520 W Broward Boulevard in Fort Lauderdale, Florida. The Property comprises 25,482 square feet (22,861 rentable) on 1.35 acres and is 96.52% leased to a diverse mix of twenty-one tenants. The center is anchored by the State of Florida Department of Corrections, which occupies roughly 30% of the building and has operated at this location for over three decades. Positioned along W Broward Boulevard (FL-842), one of Fort Lauderdale’s most active commercial corridors, Kingston Plaza benefits from excellent visibility, strong traffic counts exceeding 46,500 vehicles per day, and proximity to Downtown Fort Lauderdale, I-95, and the Florida Turnpike.
Investment highlights
RECENT CAPITAL IMPROVEMENTS
Ownership has recently completed a new roof installation, elevator modernization, electrical and plumbing upgrades, and various cosmetic enhancements throughout the common areas. These improvements have refreshed the center’s image, reduced long-term operating costs, and positioned Kingston Plaza as a best-in-class neighborhood asset with durable income and strong tenant retention.
IMMEDIATE UPSIDE & FLEXIBILITY
All tenants other than the State of Florida Department of Corrections occupy on a month-to-month basis, providing flexibility for ownership to adjust rents to market, renew leases with favorable terms, or reposition space for higher and better uses over time.
ANCHOR TENANT – STATE OF FLORIDA
The property is anchored by the State of Florida Department of Corrections, a AAA/Aaa-rated government tenant occupying approximately 30% of the property. The DOC has been a tenant since 1994 and extended its lease through December 2029, underscoring long-term commitment to the site. State-operated facilities undergo an intensive approval process involving site security, accessibility, and geographic suitability, making relocation or replication of this use extremely difficult. These factors contribute to exceptional tenant stability and a high probability of long-term retention.
LOCATION & ACCESSIBILITY
Strategically positioned along W Broward Boulevard (FL-842), Kingston Plaza provides direct access to Downtown Fort Lauderdale and is minutes from I-95, the Florida Turnpike, and US-1. Two municipal bus stops within 300 feet enhance connectivity for tenants and visitors.
MARKET DEMOGRAPHICS
Within a 3-mile radius, the population exceeds 158,000 with average household incomes over $90,000. The 5-mile radius expands to 432,000+ residents with average household incomes above $105,000.
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