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
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Billionaire Jeff Greene battles with WPB mayor over unfinished office building

Billionaire Jeff Greene battles with WPB mayor over unfinished office building
The Bristol and David Brule Northern Star Industries (Credit: Michigan Tech)

Michigan manufacturing honcho buys condo at The Bristol in West Palm

Michigan manufacturing honcho buys condo at The Bristol in West Palm
JPMorgan Chase CEO Jamie Dimon (Credit: Win McNamee/Getty Images, Google Maps, iStock)

JPMorgan Chase buys own branch in West Palm

JPMorgan Chase buys own branch in West Palm
Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, and a rendering of the self storage facility (Credit: TAYLOR / THEUS HOLDINGS, INC.)

Kayne Anderson buys self-storage in West Palm for $15M

Kayne Anderson buys self-storage in West Palm for $15M
One Clearlake Centre, JLL Capital's Maxx Carney, Chris Drew and Ike Ojala

West Palm office tower scores $39M loan

West Palm office tower scores $39M loan
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

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

AHS Residential scores $34M loan for apartment project near West Palm
360 Rosemary, Stephen Ross

Spaces is moving into West Palm’s 360 Rosemary

Spaces is moving into West Palm’s 360 Rosemary
arrow_forward_ios

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

Loading...