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
From left: George Gleason the CEO of Bank OZK and Transwestern CEO Larry P. Heard, with 625 South Olive Avenue (Credit: Google Maps)

Transwestern buys lot, plans micro units near downtown West Palm

AHS Residential’s Ernesto Lopes (Credit: D Ramey Logan/Wikipedia)

AHS Residential scores $34M loan for apartment project near West Palm

360 Rosemary, Stephen Ross

Spaces is moving into West Palm’s 360 Rosemary

A Publix-anchored shopping center sold (Credit: iStock)

Publix shopping center in West Palm sells for $12M

Related Companies Stephen Ross and 360 Rosemary (Credit: Elkus Manfredi Architects/ Related)

Related nabs $140M loan for 360 Rosemary in West Palm

Starwood Capital Group’s Barry Sternlicht and 5500 North Haverhill Road

Starwood Capital nabs West Palm apartment complex

Jay Parker with a rendering of Forte (Credit: Two Roads Development/Alpha Blue Ventures)

Boutique condo project in West Palm Beach launches sales

Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

arrow_forward_ios
Loading...