The Real Deal Miami

Blackstone offloads Palm Beach County shops for $11M

Company paid $12M for property last year

August 04, 2015 02:15PM
By Sean Stewart-Muniz

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The Shoppes at Sherbrooke in Palm Beach County

The Shoppes at Sherbrooke in Palm Beach County

The Shoppes at Sherbrooke, an LA Fitness-anchored retail plaza in unincorporated Palm Beach County, was just sold by Blackstone Real Estate Partners for $11.15 million, according to Palm Beach County records.

Blackstone, a private equity firm with $92 billion under its management worldwide, bought the shopping center for $12 million in October.

The company partnered with DDR, a real estate investment trust based in Ohio, to manage and lease the 57,901-square-foot building. It was built in 2004 and is occupied by the anchor tenant LA Fitness, which takes up the majority of the building, plus a dentist’s office, animal hospital, hair salon and nail salon. One 2,013-square-foot section is vacant, according to a map of the property from DDR.

Included in the sale was the retail building and its parking lot at 8888 Lantana Road, plus an adjoined parking parcel at 6022 Lyons Road.

Not included was a small, undeveloped outparcel to the north of the center, which county records show is still owned by Blackstone, or the separate CVS at 8954 Lantana Road that’s owned by Barry Hanna, Sonia Hanna, George Hanna and Michelle Hanna of Miami.

Blackstone is a heavy real estate player in both South Florida and nationwide. The company loaned $102 million to the developers of the Hyde Resort & Residences in Hollywood Beach in December, and it paid an incredible $23 billion to acquire General Electric’s real estate business and its attached property portfolio earlier this year.