The Real Deal Miami

Canadian firm offloads West Palm retail center for $13M

Seller renovated and leased property before reselling

March 01, 2016 11:15AM
By Sean Stewart-Muniz

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The Gulfstream Plaza in Palm Beach County

The Gulfstream Plaza in Palm Beach County

A Canadian company just sold its shopping center near West Palm Beach to a local investor for $13 million, roughly double what it paid for the property less than three years ago.

Included in the deal was Gulfstream Plaza at 2076 North Haverhill Road in unincorporated Palm Beach County, according to county records. It’s an 84,738-square-foot retail center that was about 92 percent leased at the time of its sale, with anchors including Goodwill and Gordons Food Service.

Gulfstream was sold by investment firm ICM Realty Group, based in Alberta, Canada. The company paid $6.465 million for the center in December 2013, then known as the “Babies ‘R Us Plaza” after its former anchor tenant. That price equated to roughly $76 per square foot.

After resurfacing the parking lot, installing a new roof, building new storefronts and leasing the majority of its vacant space, ICM has now sold the plaza for $153 per foot — a little over double what it originally paid.

The buyer is a Florida limited liability company named after the plaza. It’s managed by Paul Rosenberg of Boca Raton.

Rosenberg financed his company’s purchase with a $9.135 million loan from BankUnited, according to property records. Doug Mandel of brokerage Marcus & Millichap represented both parties for the sale, according to a news release.

Some of ICM’s other recent deals include the $17 million purchase of a Boca Raton office building in the Park at Broken Sound commercial development. The firm has roughly $475 million worth of assets under management, split between 30 properties mostly in its home country Canada and the United States.

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