Atlanta real estate investment and management firm Jamestown acquired the Village Commons shopping center in West Palm Beach.
Jamestown paid about $51 million for the 701-971 Village Boulevard site in a transaction recorded on Thursday, according to Palm Beach County records. The 169,118-square-foot center is anchored by Publix and includes a mix of traditional retail, restaurant, medical and banking tenants. It is 92 percent occupied.
No financing was recorded.
San Francisco-based Village Commons WPB sold the center to Jamestown. The company paid $25.7 million in December 2010 for the two-property site.
Jamestown now has 11 real estate assets in Florida, according to Monday’s written statement released by the firm. It plans to spend $4.5 million in capital improvements, including an expansion of the existing Publix to 45,600 square feet as part of a new 20-year lease. Other Village Commons tenants include Cold Stone Creamery, Duffy’s Sports Grill, Panera Bread and Weight Watchers.
Village Commons was built in 1987 and renovated 20 years later. — Eric Kalis