A Best Buy in Boca Raton sold for $14 million – $3.5 million more than its last sale six months ago, The Real Deal has learned.
The 60,008-square-foot store and parking lot sold to New York-based Rafael Peri LLC, Chaim Cahane, principal of Forte Capital Management told TRD. An LLC tied to Santa Monica, California-based Pacific Star Capital had acquired the 4.7-acre site in April for $11.5 million, Palm Beach County property records show.
Cahane represented the buyer and seller of the Best Buy, at 20540 State Road 7. His firm, which has been active in Wynwood and Miami Beach, secured long-term, non-recourse debt for the sale. Best Buy has a long term lease in place, he said.
“In recent months we have been contacted by several New York investors who are looking to purchase assets in the Florida market and we have been asked to advise them on their acquisition requirements,” Cahane told TRD.
The store is in the Shadowood Square shopping center that includes Bed Bath & Beyond, Regal Cinemas, Stein Mart, McDonald’s and Starbucks. It was built in 1995.