Sales  ·  Retail

Greer Family Sells Open-Air Mall in Boca for $88M

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Edens paid $88.41 million for the Shadowood Square open-air mall in West Boca Raton, part of which could be redeveloped into housing. 

Sprouts Farmers Market, Walgreens and Old Navy anchor the 237,498-square-foot shopping center situated between 9961 and 9963 Glades Road at the intersection of U.S. Highway 441. 

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The mall is currently in transition after Regal Cinemas and Bed Bath & Beyond shuttered their stores in the past year. The outposts, which together span over an acre, could be developed into housing under the new owners, likely thanks to new statutes in the Live Local Act.

The Florida bill, passed in March, requires local governments to approve multifamily developments in areas zoned for commercial or mixed-use if at least 40 percent of units are designated as affordable housing. Edens has yet to comment on the exact development plans for the vacant stores.

“Redevelopment plans will draw on our deeply rooted placemaking philosophy to deliver a curated and elevated destination to the Boca community,” Nicole Shiman, senior vice president at Edens, said in a statement. A spokesperson for Edens declined to further comment.

The buyer, a national investor specializing in retail properties, owns 11 malls in South Florida, including Lakeside Centre, located roughly two miles east of Shadowood Square.

The Greer family, whose members include prominent attorney Bruce Greer and former mayor of Pinecrest Evelyn Langlieb Greer, had owned the mall since 1994, when it cost $15.2 million, according to property records. Terranova Corporation, led by Stephen Bittel, managed the property, which was completed in 1982 and houses 11 retail buildings.

The property, which sits on 29 acres, is 56 percent leased, according to a spokesperson for Cushman & Wakefield, whose Mark Gilbert, Adam Feinstein and Mitchell Halpern represented the sellers. 

Shadowood Square’s sale marks one of South Florida’s largest retail deals so far this year. 

About a month ago, BPS Partners bought a Publix-anchored shopping center in Jupiter for $39 million. On Palm Beach’s swanky Worth Avenue shopping street, Ken Griffin, founder and CEO of hedge fund Citadel, paid $83 million for the three-story, mixed-use building last month. Earlier this month, Dream Motor Group dropped a combined $100 million for two Mercedes-Benz dealerships in Cutler Bay and in Coral Gables. 

Julia Echikson can be reached at jechikson@commercialobserver.com.