Stockbridge Buys Whole Foods Retail Center in South Florida for $118M

Stockbridge Capital Group paid $118.4 million for a Whole Foods-anchored retail center in West Boca Raton, Fla., property records show.

Called Uptown Boca, the 205,022-square-foot property includes seven buildings at 9536 and 9704 Glades Road, about half a mile east of U.S. Route 441. The property, which is fully leased, has a weighted average lease term of 12.5 years and minimal near-term rollover, according to JLL, whose Danny Finkle, Jorge Portela and Kim Flores represented the sellers. 

A 35,000-square-foot Whole Foods grocery store opened at Uptown Boca earlier this year, and a 37,000-square-foot fitness club Life Time is scheduled to open in the coming months. Other tenants include Sephora, Chick-fil-A, REI, Just Salad, and MD Now. 

Schmier Property Group, Giles Capital Group, Rosemurgy Properties and Wheelock Street Capital completed the 19-acre shopping center in 2020. A year later, the partnership sold off the residential component, which includes 456 apartments across seven buildings, to Cortland for $230 million. 

Retail vacancies in the West Boca Raton area remain tight at 2.2 percent, while the area’s asking rents are some of the highest in Palm Beach County, averaging $45.31 a square foot, at the close of 2025’s second quarter, according to data from Colliers. 

More investors are betting big on grocery-anchored retail. Last month, Ram Realty Advisors paid $52.8 million for a shopping center in Jupiter, where a Whole Foods store is supposed to open. Also in August, Bain Capital and 11North Partners acquired a portfolio of 10 retail centers in Florida and South Carolina for $395 million, with most of them anchored by Publix. 

Representatives for Stockbridge Capital Group and the sellers did not immediately respond to requests for comment.

Update: The story was updated to include comments from JLL.

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