West Palm shopping plaza gets renovated, rebranded

New anchor tenants include Goodwill and Gordon Food Services

TRD MIAMI /
Apr.April 27, 2015 12:00 PM

A West Palm Beach shopping center, formerly known as the Babies R’ Us Plaza, has been renovated, rebranded and reopened, ICM Realty Group recently announced.

The international real estate firm purchased the 84,000-square-foot Gulfstream Plaza 16 months ago, according to Palm Beach County property records.

The firm paid $6.5 million for the nearly 8-acre lot in December 2013 — roughly $3.7 million than the previous owner, Kimco Realty Corp., paid, property records show.

ICM installed new roofing and storefronts, resurfaced the parking lot and updated the landscaping, according to a press release. The plaza’s main space, which was formerly occupied by Babies ‘R Us, was split between the new anchor stores — Gordon Food Services and Goodwill.

The firm said the plaza is now 92 percent occupied, with roughly 10,000 square feet available for leasing.

Avison Young will handle leasing and management for the property.

“We’re proud to have played a part in transforming the building back into a market-leading property and are thrilled with the overwhelmingly positive response we’ve received,” said ICM’s CEO Bruce Timm in a statement.

This is the second shopping plaza New York-based Kimco has sold in West Palm over the last year, the other being a 365,000-square-foot center that traded for $35 million.

ICM also purchased an office building near the Fort Lauderdale Executive Airport last month for $10.9 million.


Related Articles

arrow_forward_ios
Tony Robbins and 2951 Electronics Way, West Palm Beach (Getty, Google Maps)

Tony Robbins buys West Palm Beach warehouse for production studio

Tony Robbins buys West Palm Beach warehouse for production studio
Pebb’s Ian Weiner and 5544 Okeechobee Boulevard, West Palm Beach (Pebb Enterprises)

Pebb sells West Palm Tesla dealership for $13M

Pebb sells West Palm Tesla dealership for $13M
From left: Steve Bisciotti, Jim Davis with  Jim and John Arrigo, with 5901 Madison Avenue, Tamarac and 2250 North State Road 7, Margate (Getty, Arrigo Auto Group, Google Maps)

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M

Investment firm tied to Baltimore Ravens owner buys South Florida car dealerships for $91M
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
The Bristol (iStock)

Insurance exec sells Bristol condo in West Palm for $8M

Insurance exec sells Bristol condo in West Palm for $8M
750 Malibu Bay Drive, West Palm Beach, Jeremy Bronfman, and Matthew Rieger of HTG

Seagram scion pays $38M for West Palm affordable housing

Seagram scion pays $38M for West Palm affordable housing
Steven Hudson and the Bristol

Ka-ching: Financial services honcho pays $7M for condo at The Bristol

Ka-ching: Financial services honcho pays $7M for condo at The Bristol
arrow_forward_ios

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

Loading...