Palm Beach County shopping center sells for $12.7M

Miami /
Sep.September 22, 2015 02:15 PM

A shopping center to the west of Palm Springs in Palm Beach County was just sold for $12.7 million — a significant loss from the $15 million its owners paid 10 years ago.

The Shoppes at Cresthaven, a 175,037-square-foot retail complex, was sold in a deed filed recorded Monday, according to Palm Beach County property records.

The sale includes the center, which is anchored by Winn-Dixie, along with 0.67-acre outparcel that’s occupied by McDonald’s.

Its previous ownership is an affiliate of TA Realty, a real estate investment and management company based in Boston. The company paid $15 million to acquire the center and its outparcel in February 2005.

Now, the TA affiliate has offloaded the center for $2.3 million less than what it paid. A company linked to Nightingale Group, a privately held investment firm based in New York, was the buyer.

Nightingale’s purchase was financed with a $11.25 million loan from Columbia Financial, according to property records.


Related Articles

arrow_forward_ios
TA Realty Managing Partner James Buckingham and (clockwise from top left) 1604 West 31st Place, 2440 West 8th Court and 2500 West 84th Street (Google Maps)

TA Realty buys back industrial property in Hialeah as part of $52M deal

TA Realty buys back industrial property in Hialeah as part of $52M deal
Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

Blackstone buys two Miami Gardens industrial properties for $14M
2800 Ponce de Leon Boulevard; from top: Donna Abood, Joe Abood and Peyton Dowd (Credit: Google Maps)

TA Realty pays $60M for Regions Bank building in Coral Gables

TA Realty pays $60M for Regions Bank building in Coral Gables
TA Realty buys first phase of Terra’s Pines City Center for $80M

TA Realty buys first phase of Terra’s Pines City Center for $80M

TA Realty buys first phase of Terra’s Pines City Center for $80M
TA Realty pays $36M for industrial portfolio in Hollywood

TA Realty pays $36M for industrial portfolio in Hollywood

TA Realty pays $36M for industrial portfolio in Hollywood
Institutional investors flock to South Florida’s industrial market: Q3 reports

Institutional investors flock to South Florida’s industrial market: Q3 reports

Institutional investors flock to South Florida’s industrial market: Q3 reports
South Florida’s biggest office investment sales in August

South Florida’s biggest office investment sales in August

South Florida’s biggest office investment sales in August
TA Realty pays $92M for industrial portfolio in Hialeah Gardens and Medley

TA Realty pays $92M for industrial portfolio in Hialeah Gardens and Medley

TA Realty pays $92M for industrial portfolio in Hialeah Gardens and Medley
arrow_forward_ios

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

Loading...