The Real Deal Miami

Shoppes at Southern Palms sells for $31.4M

January 20, 2012 03:45PM

Shoppes at Southern Palms and Casey Rosen, senior vice president of CBRE

New York-based Garrison Investment Group purchased the Shoppes at Southern Palms complex in West Palm Beach for $31.4 million, according to CBRE, which represented the seller, a partnership between Panattoni Development company and an affiliate of Invesco Real Estate.

The 200,889-square foot property, at 8751 Southern Boulevard, is anchored by a 92,96-square-foot Kohl’s deparmtments store and an 80,000-square-foot Dick’s Sporting Goods store.  The remaining 28,493 square feet are vacant, as are three pad sites that can house 31,464 square feet of retail. The complex opened in 2009.

“Shoppes at Southern Palms is a Class A community shopping center with dominant anchors and significant upside in the form of leasable in-line space and available out-parcels, said Casey Rosen, a senior vice president with CBRE in Miami. “Stabilization of the asset is likely to result in a substantial increase in value.”

Last summer, Garrison picked up the Promenade at Coconut Creek mixed-use center for $44.5 million in a short sale.