The Real Deal Miami

West Palm shopping plaza gets renovated, rebranded

New anchor tenants include Goodwill and Gordon Food Services

April 27, 2015 12:00PM
By Sean Stewart-Muniz

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The renovated Gulfstream Plaza in West Palm Beach

The renovated Gulfstream Plaza in West Palm Beach

A West Palm Beach shopping center, formerly known as the Babies R’ Us Plaza, has been renovated, rebranded and reopened, ICM Realty Group recently announced.

The international real estate firm purchased the 84,000-square-foot Gulfstream Plaza 16 months ago, according to Palm Beach County property records.

The firm paid $6.5 million for the nearly 8-acre lot in December 2013 — roughly $3.7 million than the previous owner, Kimco Realty Corp., paid, property records show.

ICM installed new roofing and storefronts, resurfaced the parking lot and updated the landscaping, according to a press release. The plaza’s main space, which was formerly occupied by Babies ‘R Us, was split between the new anchor stores — Gordon Food Services and Goodwill.

The firm said the plaza is now 92 percent occupied, with roughly 10,000 square feet available for leasing.

Avison Young will handle leasing and management for the property.

“We’re proud to have played a part in transforming the building back into a market-leading property and are thrilled with the overwhelmingly positive response we’ve received,” said ICM’s CEO Bruce Timm in a statement.

This is the second shopping plaza New York-based Kimco has sold in West Palm over the last year, the other being a 365,000-square-foot center that traded for $35 million.

ICM also purchased an office building near the Fort Lauderdale Executive Airport last month for $10.9 million.