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South Florida

PBC shopping plaza sells for $24M after 28 years

The Crosstown Plaza shopping strip in unincorporated Palm Beach County
The Crosstown Plaza shopping strip in unincorporated Palm Beach County

A Palm Beach County shopping plaza was just sold for $24.3 million, marking its first resale since the strip was built 28 years ago.

Crosstown Plaza is a 130,000-square-foot retail strip located at 2895 North Military Trail, just outside of incorporated West Palm Beach near Keiser University.

The plaza was built in 1987 and is anchored by a Publix supermarket. Until this week, it was owned by an affiliate of Brock Development, a real estate firm based in Palm Beach Gardens. The firm is headed by principals Andrew and Peter Brock.

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Brock Development sold the shopping strip and all four of its outparcels, which together measure about 15,467 square feet, for about $169 per square foot.

The buyer is West Palm Realty Associates, a Delaware company managed by attorney Myron D. Vogel of Melville, New York.

As part of the deal, West Palm Realty took on an existing $13 million loan from Berkadia Commercial Mortgage, according to records.