Phillips Edison & Co. just bolstered its South Florida portfolio with the $10.25 million purchase of a West Palm Beach retail strip anchored by Publix from InvenTrust Properties Corp.
The investment deal includes Paradise Place, a 69,620-square-foot shopping center at 4075 North Haverhill Road near the city’s Cypress Lakes Golf Course community. County records show Phillips Edison, an investment company that specializes in grocery-anchored retail properties, bought the shopping center through an affiliate for about $147 per square foot.
According to data from the CoStar Group, Paradise Place is 89 percent occupied, with Publix occupying the lion’s share of the strip with a 51,420-square-foot store. Other notable tenants include a Dunkin’ Donuts, Goodwill and Boost Mobile. Asking rents are $12 per foot, triple net.
The retail strip was built in 2003 and last sold in 2010, when InvenTrust bought it for $12.15 million, or about $174 per rentable foot.
Just four months ago, Publix purchased a slightly larger shopping center in West Palm, also anchored by the grocery chain, for $14.7 million. That deal broke down to nearly $183 per foot.
This latest purchase adds onto Phillips Edison’s nearly $2 billion streak of acquisitions the company said it’s closed in the last two years. It’s also the only property the firm owns in Palm Beach County, and one of four Phillips Edison holds in South Florida. The others are the Shoppes of Paradise Lakes in Miami, West Creek Commons in Coconut Creek and Park View Square in Miramar.
No loan was recorded with the purchase.