( L to R) Avison Young principals David Duckworth and John Crotty, principal and Miami office managing director Michael Fay, and senior associate Brian de La FéPublix-Anchored Plaza Near Boca Raton Trades for $16 Million
An Avison Young Florida capital markets group team negotiated the sale at $227 per square foot.
September 03, 2019 at 09:00 AM
3 minute read
A shopping plaza west of Boca Raton sold for $16 million, another hefty price for a suburban South Florida retail center in spite of e-commerce growth.
Investments Limited bought the West Boca Plaza on U.S. 441 in south Palm Beach County from Chicago-based Zaragon Inc.'s Sandalfoot Investments LLC on Aug. 19.
"Investor demand for core assets remains extremely strong," said David Duckworth, who was part of the Avison Young team that closed the deal.
Duckworth, who is a brokerage principal based in Fort Lauderdale, worked on the transaction with principal John Crotty in Miami, principal and Miami office managing director Michael Fay and senior associate Brian de La Fé in Miami. They represented the seller.
The 70,524-square-foot shopping plaza sits on 7.2 acres at 22973-23071 State Road 7 at the Sandalfoot Boulevard intersection.
The Publix-anchored shopping plaza is 95% leased, and the sale price breaks down to $227 per square foot.
Both the buyer and the seller are real estate investors with buyer Investments Limited having offices in Boca Raton and Cambridge, Massachusetts.
Investments Limited is a prolific investor interested in different asset classes mostly in Florida as well as in Massachusetts and Rhode Island. Investments Limited already owns another nearby retail plaza and an office building. The two-building, 18,600-square-foot retail center is north of West Boca Plaza at 22749-22785 State Road 7, and the 45,175-square-foot, three-story office building is to the south at 23123 State Road 7.
If investment sales are any indication, suburban shopping plaza in South Florida are doing well based on trades this year in top-dollar transactions.
In the biggest single-asset retail deal statewide in two years, the 346,200-square-foot Southern Palm Crossing mall in Royal Palm Beach traded for $96.75 million. This beat the previous state record set in February 2017 when adjacent Pembroke Pines shopping plazas on Pines Boulevard sold for a combined $163 million. Each of the plaza sold for less than the $96.75 million Southern Palm Crossing price.
The South Palm Crossing purchase is trailed by the $70 million purchase of Doral Plaza in Doral by Publix.
Also, the 302,346-square-foot Homestead Pavilion in Homestead traded this year for $62.25 million.
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