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

The renovated Gulfstream Plaza in West Palm Beach

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
Daily Digest Miami

Quiksilver signs a lease in Miami Beach, Delray Beach’s Atlantic Crossing announces first retail and office tenants: Daily digest

The Bristol and Thomas J. Healey

Financial mogul pays $6.5 million for unit at the Bristol in West Palm

2751 South Dixie Highway, Scott Sherman and Ben Mandell

Tricera reveals plans for redevelopment of Palm Beach Post building

Daily Digest Miami

The trade war could hurt the industrial real estate boom, Hurricane Dorian’s impact on Florida’s hotels: Daily digest

James Harpel and The Bristol in West Palm Beach

South Florida developer pays $8M for condo at the Bristol

A rendering of The Bristol

NJ car dealer buys Bristol unit for $11M

The Bristol

Channel Islands businessman buys unit at The Bristol in West Palm

HGreg Auto and the former Toyota dealership (Credit: HGreg, Google Maps)

HGreg finds a spot in West Palm Beach at former Toyota dealership

arrow_forward_ios