Starwood Sells Whole Foods-Anchored Mall in West Palm for $133M
By Julia Echikson June 3, 2025 3:10 pm
reprints
Barry Sternlicht’s Starwood Capital Group sold a Whole Foods-anchored retail center in West Palm Beach, Fla., for virtually no gain.
Invesco paid $133.3 million for the 28-acre, open-air property at 1821 Palm Beach Lakes Boulevard, between Interstate 95 and the Tanger Outlets mall, according to property records. The sale comes to about $439 per square foot.
The Atlanta-based buyer assumed the seller’s $79 million loan with Wilmington Trust through a commercial mortgage-backed securities trust.
In addition to Whole Foods, tenants include Old Navy, Nordstrom Rack, Marshalls, T.J. Maxx, Ulta, Ross and HomeGoods.
Starwood Capital Group purchased the 303,776-square-foot retail center for $130 million in 2022. The deal was an anomaly for the Miami Beach-based company as it publicly vowed to slow down retail investments after losing a mall portfolio in 2020 because of pandemic-induced vacancies.
Later that year, it sold the Westland Mall in Hialeah Gardens for $150 million.
A representative for Starwood declined to comment and a spokesperson for Invesco did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
