South Florida Shopping Centers Trade in Separate Deals for $34M Total

reprints


Investor demand for neighborhood shopping centers remains robust, as evidenced by separate transactions this week in South Florida.

In one sale, a 41,429-square-foot retail center adjacent to a Super Target in Palm Beach County fetched $14.75 million, or $356 per square foot. In the other deal, a 145,502-square-foot shopping center anchored by Winn-Dixie and Bealls Outlet in Broward County went for $18.75 million, or $129 a foot. JLL Capital Markets brokered both deals.

SEE ALSO: Kelly Park VB Development Lands $50M for 259-acre Assemblage in Orlando

The Palm Beach County deal saw the sale of Shoppes at Mission Lakes. The seller was Mission Lakes LLC; the buyers were affiliated with Daryl Stair of Plantation, Fla.

Shoppes at Mission Lakes is at 5500-5516 and 5940 South State Road 7, at the northeastern corner of State Road 7 and Lantana Road in an unincorporated area. Tenants include Heartland Dental, Sal’s Italian Ristorante, Pet Supermarket, Advance Auto Parts, Mattress Firm and Hard Exercise Works.

It’s the first sale of the buildings, which were completed in 2007 and 2016, according to property records.

“Unanchored strip retail continues to garner strong investor interest and has experienced a tremendous amount of capital formation around the investment thesis based on convenience to consumer, internet resistance, and its ability to serve as an inflationary hedge with annual increases,” Eric Williams, senior director at JLL, said in a statement.

In the other deal, Rivertowne Square in Deerfield Beach changed hands. The seller was RPT Realty, the buyer was JBL Asset Management.

The center is 92 percent leased, JLL said. Besides the Winn-Dixie supermarket, tenants include Hard Exercise Works, Nail Face Spa, Katz Louise, Brutus Barbershop, Painting with a Twist, Belissimo and Perfect Hair Designs

“Grocery-anchored retail centers along Federal Highway between Palm Beach County and Miami-Dade County rarely trade,” Williams said.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.