The Real Deal Miami

Approvals in hand, Boca landowner wants $50M for 37-acre development site

Price breaks down to roughly $1.34 million per acre

August 26, 2016 12:05PM

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Aerial view of the Thomas family land and Jim Knight

Aerial view of the Thomas family land and Jim Knight

After nabbing Palm Beach County commission approval for a large retail development, the Thomas family is now looking to sell its 37.4 acres in Boca Raton for upwards of $50 million.

The listing was announced Thursday by Jim Knight of the Knight Group, who’s marketing the acreage at 9905 Clint Moore Road as a redevelopment opportunity.

Owned by the Thomas family, the land was formerly used as a packing plant for the Thomas Produce agricultural empire. The family began seeking looser development restrictions on its property in 2015 and landed commission approvals this week, Knight said.

The company recently combined its operations with J&J Family of Farms, a Loxahatchee-based agricultural company.

According to marketing material, the development — dubbed Verde Commons — has approvals for 88,240 square feet of retail, 35,000 square feet of restaurant space, 25,000 square feet of medical offices, 2,900-square-foot “financial institution” and an 1,890-square-foot eatery with a drive-through. A separate assisted living facility with 150 beds was also approved for the site.

Of that retail space, 40,000 square feet is set aside for a grocery store anchor, with another 12,900 square feet earmarked for a pharmacy with a drive-through.

The $50 million-plus asking price is based off comparable sales in Boca, Knight said. Shopping center giant Edens paid $40.5 million for a retail center on Glades Road, which breaks down to a little over $2 million per acre. At $50 million, the Thomas land would trade at $1.34 million per acre. — Sean Stewart-Muniz