The Real Deal Miami

Edens buys Boca Raton shops, Holiday Inn Express: $54M

Properties last sold for combined $4.5M in 1990 and 2012

June 23, 2016 01:30PM
By Katherine Kallergis

  • Print
Lakeside Centre in Boca Raton and the Holiday Inn Express next door

Lakeside Centre in Boca Raton and the Holiday Inn Express next door

South Carolina-based Edens just picked up a Boca Raton shopping center and adjacent Holiday Inn Express, records show. 

Edens paid a combined $53.5 million for the properties at 8180 and 8144 Glades Road. Companies tied to Mark Walsh of Delray Beach-based Ocean Properties sold the hotel and retail center.

Lakeside Centre, a shopping center anchored by HomeGoods, Marshalls and Off Broadway Shoes, sold for $40.5 million. The 20-acre, 168,000-square-foot property was completed in 1990. Worth’s Lakeside Development Corporation paid $3.2 million for the land in 1991.

According to online listings, asking rent for ground floor retail space is about $25 per square foot and $12 a foot for second floor space.

Edens also bought the four-story, 97-key Holiday Inn Express Boca Raton-West for $13.5 million, in the same center at 8144 Glades Road. The hotel, which includes a pool and meeting space, last sold for $1.25 million in 2012. It was built in 1973.

Edens owns a number of shopping centers in South Florida, including in Davie, Boynton Beach, Fort Lauderdale, North Miami and North Miami Beach, and Delray Beach. Last year, Edens paid $20 million for the Met Miami Whole Foods in downtown Miami.