Illinois REIT Buys Palm Beach Gardens PGA Plaza for $88 Million
InvenTrust Properties Corp. bought the 120,000-square-foot asset, which includes a Trader Joe's, Marshalls and an Ulta Beauty Inc.
May 18, 2018 at 05:21 PM
2 minute read
A real estate investment trust based in Illinois bought PGA Plaza in Palm Beach Gardens for $88 million.
InvenTrust Properties Corp. bought the 120,000-square-foot retail center on the southwest corner of PGA Boulevard and Prosperity Farms Road from Delray Beach-based Menin Development Inc. The deal at $733 per square foot closed Wednesday.
Anchors at PGA Plaza are Trader Joe's, Marshalls and Ulta, according to Menin. Others are Orangetheory Fitness, restaurants including Anthony's Coal Fired Pizza and C.R. Chicks, bank branches and The Blowzone hair salon.
“PGA Plaza, located in one of IVT's targeted Sunbelt markets, is an excellent fit for our portfolio. The center is 95 percent leased and has a stable internet-resistant tenant base,” Christopher Covey, InvenTrust senior vice president of transactions, said in a news release.
Retail experts generally agree supermarket anchors make an asset immune to severe impacts from e-commerce even with some grocery chains offering home delivery. And tenants that provide services instead of goods are more resistant to the growth of e-commerce.
InvenTrust added to its South Florida portfolio. It owns Westfork Plaza & Paraiso Parc at 15911-15999 Pines Blvd. in Pembroke Pines and Boynton Commons at 333-339 N. Congress Ave. in Boynton Beach, according to its website.
The REIT focuses on buying grocery store-anchored, open-air shopping centers in areas with favorable demographics, according to its website.
Menin, which buys, develops, redevelops, leases and manages retail and mixed-use properties throughout the U.S., bought PGA Plaza for $17 million in 2004. In 2014 and 2015, it did a complete renovation and refilled the stores.
McDonald Hopkins West Palm Beach office managing member John Metzger and member Jessica Lifshitz, also in West Palm Beach, represented the seller.
The buyer was represented by in-house counsel, according to Metzger.
Menin sold the property through affiliate PGA Plaza LLC, Palm Beach County property appraiser and state records show.
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