The Real Deal Miami

California investors trade Best Buy in Boca Raton for $11.5M

4.7-acre site last sold in 1995 for $6.4M

April 09, 2015 12:00PM
By Katherine Kallergis

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Best Buy in Boca Raton

Best Buy in Boca Raton

A Best Buy in Boca Raton sold for $11.5 million, Palm Beach County records show.

Palmer Chicago Investment Company, a California general partnership, sold the 60,008-square-foot store and parking lot on April 3. The buyer, Magi Henderson LLC, is tied to Santa Monica, California-based Pacific Star Capital, a real estate investment trust.

The 4.7-acre site last sold for $6.4 million in 1995, according to Palm Beach County property records. The store was built in 1995.

The Best Buy, at 20540 State Road 7, is in the Shadowood Square shopping center that includes Bed Bath & Beyond, Regal Cinemas, Stein Mart, McDonald’s and Starbucks.

Shadowwod Square LTD owns the remainder of the shopping center. Miami Beach-based Terranova Corp. handles the property’s management and leasing for that portion.

Pacific Star founder and principal Aria Mehrab is listed on the buyer’s corporate records. Robert Barth of Beverly Hills, California-based Black Equities Group, a real estate investment group, signed the deed transfer.

A mortgage for the sale was not recorded.