The Real Deal Miami

Palm Beach County shopping center sells for $12.7M

Buyer was private investment firm from New York

September 22, 2015 02:15PM
By Sean Stewart-Muniz

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The Shoppes at Cresthaven in unincorporated Palm Beach County

The Shoppes at Cresthaven in unincorporated Palm Beach County

A shopping center to the west of Palm Springs in Palm Beach County was just sold for $12.7 million — a significant loss from the $15 million its owners paid 10 years ago.

The Shoppes at Cresthaven, a 175,037-square-foot retail complex, was sold in a deed filed recorded Monday, according to Palm Beach County property records.

The sale includes the center, which is anchored by Winn-Dixie, along with 0.67-acre outparcel that’s occupied by McDonald’s.

Its previous ownership is an affiliate of TA Realty, a real estate investment and management company based in Boston. The company paid $15 million to acquire the center and its outparcel in February 2005.

Now, the TA affiliate has offloaded the center for $2.3 million less than what it paid. A company linked to Nightingale Group, a privately held investment firm based in New York, was the buyer.

Nightingale’s purchase was financed with a $11.25 million loan from Columbia Financial, according to property records.