Publix-Anchored Mall in Boynton Beach Goes From Bankruptcy to $80M Sale
Four years after a Publix-anchored shopping center sold out of bankruptcy, the property once again traded with an impressive price hike.
German heavyweight Union Investment Real Estate paid $79.5 million for The Fountains of Boynton Shopping Plaza, property records show.
Besides Publix, tenants of the 185,372-square-foot mall include LA Fitness, Duffy’s Sports Grill, McDonald’s and MD Now Urgent Care. The property sits at the intersection of Boynton Beach Boulevard and Jog Road, less than two miles from the Florida Turnpike.
The seller, New York-based DRA Advisors, purchased the shopping center for $47.3 million in a 2017 bankruptcy auction after the previous owners defaulted on their loan, the South Florida Business Journal reported.
Union Investment, a global real estate investment firm headquartered in Hamburg, Germany, owns 440 properties and developments worth approximately $44 billion, with another $55 billion under management as of June 2021, according to the company.
Representatives for the firm did not immediately respond to a request for comment.
Supermarket-anchored malls have emerged as a popular asset class among investors, even as consumers flocked to grocery delivery services during the pandemic.
Kimco Realty Corp. and Blackstone paid a whopping $425.8 million for a portfolio of six shopping centers, also anchored by Publix, in October, with five located in South Florida.
Julia Echikson can be reached at email@example.com.