South Florida Retail Sets Record With $97 Million Sale of Royal Palm Beach Plaza
InvenTrust Properties buys the 50-acre shopping center in the biggest retail deal statewide in more than two years.
July 17, 2019 at 02:10 PM
2 minute read
The sprawling Southern Palm Crossings shopping mall in Royal Palm Beach. Courtesy photo
A real estate investment trust with a retail focus bought a sprawling Royal Palm Beach shopping plaza for $96.75 million in Florida's biggest retail deal in more than two years.
InvenTrust Properties Corp. through an affiliate bought the 346,200-square-foot Southern Palm Crossing mall on the north side of Southern Boulevard from an affiliate of ShopCore Properties, a Chicago-based retail owner-operator affiliated with the Blackstone Group LP.
The shopping center constructed in 2006 sits on 50 acres at 11001 Southern Blvd. Major tenants include Costco and a joint Marshalls-HomeGoods store. It also has a Stein Mart department store, which will be replaced next year by a 24 Hour Fitness. Smaller tenants include Starbucks, Panera Bread, Outback Steakhouse and BB&T.
InvenTrust Properties Corp., based in Downers Grove, Illinois, has a portfolio of 73 mainly shopping centers across the U.S. with a value of $3.5 billion, according to its website.
The purchase price, which breaks down to $279 per square foot, beats the previous statewide record for a single-asset retail property,a standard coincidentally set by InvenTrust in February 2017 when the REIT bought two adjacent Pembroke Pines shopping plazas on Pines Boulevard for a combined $163 million. But each sold for less than the $96.75 million Southern Palm Crossing price for a single-asset transaction.
“It is not often a premier property such as this is available with a Costco on a lease as well as such an exceptional and diversified tenant lineup,” Christopher Covey, InvenTrust senior vice president of transactions, said in a news release.
Working for the seller, the CBRE Inc. national retail partners team led by executive vice presidents Dennis Carson and Casey Rosen, both based in Miami, confirmed the transaction is the new record-holder.
InvenTrust's other South Florida assets are the PGA Plaza in Palm Beach Gardens and Boynton Commons in Boynton Beach.
This is at least the second disposition this year by Blackstone of a major South Florida retail asset. In June, ShopCore sold Doral Plaza in Doral for $70 million.
Related stories:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Fowler White Burnett Opens Jacksonville Office Focused on Transportation Practice
3 minute read
How Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute read
The Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute read
Meet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
