Jamestown grabs West Palm shopping center for $51M

Miami /
Aug.August 04, 2014 01:30 PM

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


Related Articles

arrow_forward_ios
Savanna's Chris Schlank with rendering of Olara
Savanna launches condo sales at Olara in West Palm
Savanna launches condo sales at Olara in West Palm
A photo illustration of the 2468 Greengate Circle in West Palm Beach (top) and Suntree apartments at 4750 Cresthaven Boulevard in Palm Beach County (bottom) (Getty, Google Maps)
JV drops $40M for portfolio of aging Palm Beach County rentals
JV drops $40M for portfolio of aging Palm Beach County rentals
Related Companies' Stephen Ross with 515 Fern
Steve Ross scores approval for 515 Fern in downtown West Palm
Steve Ross scores approval for 515 Fern in downtown West Palm
Leandro Pereira, Bill Wenner and Michael Betancourt (Getty)
Movers & Shakers: NAI/Merin hires Matthew Brown as COO
Movers & Shakers: NAI/Merin hires Matthew Brown as COO
Domenic Gatto and the Banyan Cay Resort & Golf Club at 2020 Banyan Way (LinkedIn, Hyatt)
Banyan Cay Resort & Golf Club is headed toward foreclosure sale
Banyan Cay Resort & Golf Club is headed toward foreclosure sale
CS Ventures' Spencer Schlage and Rosemark's Charles Rosenberg with 500 South Australian Avenue (LinkedIn, Rosemark, Google Maps)
CS Ventures pays $36M for West Palm office building
CS Ventures pays $36M for West Palm office building
Wanxiang America Real Estate's Larry Krueger and 1100 South Flagler Drive (Wanxiang America, Douglas Elliman)
Wanxiang’s real estate arm sells Bristol condo in West Palm for $12M
Wanxiang’s real estate arm sells Bristol condo in West Palm for $12M
Related Companies' Stephen Ross and Related Group's Jorge Pérez (Getty; Illustration by Kevin Rebong for The Real Deal)
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
End of a Related era: Steve Ross confirms split with Jorge Pérez as firms expand in South Florida
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...