The Real Deal Miami

Continental Realty sells Royal Palm Beach retail center for $7.5M

Long-term tenants Office Depot and Mattress Firm anchor the property

March 15, 2016 03:00PM

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Office Depot Royal Palm Beach

Office Depot Royal Palm Beach at 101 South State Road 7

A Continental Realty Corp. fund sold a Royal Palm Beach retail center anchored by Office Depot for $7.5 million. 

A Miami-based firm identified only as Uriel Investments LLC purchased the 30,500-square-foot shopping center at 101 South State Road 7 for about $246 per square foot. Royal Palm Office Depot Center is also home to Mattress Firm. Both are long-term tenants who recently extended their leases for 10 years, according to CBRE.

Palm Beach County records show a company tied to Continental Realty paid $5.05 million for the 3.18-acre site in 2011.

Continental Realty is a Baltimore-based real estate firm focused on retail and multifamily properties in Florida, Maryland, North Carolina, South Carolina and Virginia. It paid $13.6 million for a retail center in Coral Springs in September.

CBRE’s David Donnellan and Mark Drazak represented the seller, while Alexandra Escudero of Fortune International Realty represented Uriel, which the brokerage said is controlled by a South American buyer.

Also in Royal Palm Beach, Pebb Enterprises sold a newly developed retail center at 394 South State Road 7 for $28.6 million, or $314 per square foot, in February. – Katherine Kallergis