A retail center west of West Palm Beach traded for $23.55 million in a deal closed with help from Miami Marcus & Millichap brokers.
Kirk Olson and Drew Kristol were part of the Institutional Property Advisors team that represented the seller and held competitive bidding for The Shoppes at Southern Palms. The deal that closed Nov. 8 was valued at $117 per square foot.
Garrison Investment Group LP, a New York-based middle-market investor, sold the property to Shoppes at Southern Palms LLC, an affiliate of a Latin American investment group founded by Claudio Mekler. He also founded Sunrise-based asset and property management firm Miami Manager LLC.
Olson and Kristol, who are senior directors, worked with executive directors Craig Fuller, Erin Patton and Scott Wiles, all based in Ohio.
The Shoppes at Southern Palms is a 200,888-square-foot retail center on the northeast corner of Southern Boulevard and Sansburys Way at 8751 Southern Blvd.
The 2009-built center sits on 22 acres and includes an outparcel that’s under an acre.
The plaza is fully leased to 11 tenants led by Kohl’s and Dick’s Sporting Goods Inc., which occupy most of the center. Other tenants include Dollar Tree, Hard Exercise Works gym, and GNC.
“Anchor and national-regional small-shop tenancy accounts for 97% of the gross leasable area and 93% of the effective gross income,” Olson said in a news release. “The small-shop tenants also have significant lease term remaining, further contributing to a stable income stream for the foreseeable future.”
The retail center is in an affluent area about a mile from Florida’s Turnpike to the east and State Road 7 to the west. The average household income within a mile is $131,591.
This is another sale of a traditional suburban shopping center in spite of e-commerce growth. As more people opt to shop online, brick-and-mortar stores have been reinventing themselves or closing. Yet the South Florida suburbs have seen top-dollar deals this year of traditional retail plazas such as The Shoppes at Southern Palms.
Palm Beach County also scored the two top retail deals this year.
In July, Illinois-based real estate investment trust InvenTrust Properties Corp. bought Royal Palm Beach’s Southern Palm Crossing for $97 million from Blackstone affiliate ShopCore Properties.
This trailed Michigan-based Taubman Centers Inc.’s purchase of a half interest in The Gardens Mall in Palm Beach Gardens from the Cohen family in exchange for 1.5 million shares in affiliate Taubman Realty Group. The deal was valued at $216 million.