The Real Deal Miami

Boca Raton retail center sells for $19M

South Florida companies trade six-property HSBC Plaza site

January 29, 2014 09:45AM

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HSBC Plaza in Boca Raton

HSBC Plaza in Boca Raton

A Boca Raton shopping center has traded for $19 million, The Real Deal has learned.

Yamato Court of West Palm Beach sold HSBC Plaza at 19120 South State Road 7 on Jan. 23, according to Palm Beach County records. The county recorded the transaction Monday.

Power Center I is the buyer of the six-property site, which includes a 26,000-square-foot retail center, 15,000-square-foot CVS building, 4,000-square-foot HSBC Bank branch and three vacant parcels. State corporate records show the Hollywood-based company is managed by Martin Osher. It obtained a $12 million loan from Transamerica Life Insurance Co. for the acquisition.

HSBC Plaza was put on the market last summer with an asking price of $21 million. Marcus & Millichap Real Estate Investment Services listed the site on behalf of Yamato Court. — Eric Kalis

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