The Shoppes at City Centre in North Palm Beach was just sold for $19 million, marking its third resale since it was built in 1999.
The shopping complex is located on a 10.6-acre site at 11201 U.S. Highway 1. It has roughly 100,000 square feet of shopping space, and it is anchored by the West Marine boating store, and a Doris Italian Market location is expected to open there soon.
Marketing materials from commercial brokerage HFF say that the plaza is 90 percent occupied, which makes it a “substantial value-creation opportunity.”
It was last purchased by an affiliate of Lionstone Investments, which paid $18.815 million for the property in 2007. At the time, Lionstone paid nearly a $5 million premium from its previous sale price of $13.9 million, Palm Beach County property records show.
Now, after eight years of ownership, the Lionstone affiliate has traded the plaza for only $185,000 more than what it paid.
The new owner is JB Shoppes LLP, which lists its managing members as Martin Osher and Irving Osher of Hollywood, according to public records.
In January 2014, another company managed by Martin Osher paid the same $19 million price tag for a retail center in Boca Raton.