Sales  ·  Land

Sarasota Developers Buy West Palm Site to Add Shopping Complex

reprints


A joint venture led by JBCC Development scooped up a vacant parcel in West Palm Beach for $12 million with plans to develop the property into a retail complex. 

The 9.8-acre parcel sits adjacent to Military Trail, just north of the Ballpark of the Palm Beaches stadium, at 4651 45th Street that serves as the spring training ground for several Major League Baseball teams. 

SEE ALSO: Hillwood Lands Acquisition Financing for Amazon Facility in South Florida

The joint venture, which also includes JSB Capital Group and Omnium Real Estate, plans to build a quick service retail center on the site. The complex will include a Wawa gas station with 16 fuel pumps and an adjoining 5,636-square-foot convenience store, JBCC principal Clint Conway told Commercial Observer. 

The plans also call for 30,900 square feet of unspecified commercial space, a 5,000-square-foot “high turnover, sit-down restaurant” and an 8,900-square-foot fast food restaurant with a drive-through component. Conway declined to name the tenants. 

Centennial Bank provided a $10.5 million loan to the buyers. JBCC, a Sarasota-based developer, specializes in single-tenant retail stores. Its tenants have included Starbucks, McDonalds and Arby’s.

The seller, Charles Lomangino, acquired about half the site, 4.2 acres, for $2.6 million in 2018, records show. It’s unclear when Lomangino, co-founder of Pompano Beach-based scrap metal recycling company ReSource Metal Recycling, purchased the other half. The recycling executive could not be reached for comment.

JBCC’s sale comes about a week after Edens paid $88 million for a shopping plaza anchored by a Sprouts Farmers Market in West Boca Raton, one of the largest retail trades in South Florida so far this year.

Julia Echikson can be reached at jechikson@commercialobserver.com