search

The Real Deal Logo

Trending

Glossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsBrookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapses
South Florida

North Palm Beach retail center sells for $12.5 million

The Publix supermarket at Northlake Promenade Shoppes in North Palm Beach
The Publix supermarket at Northlake Promenade Shoppes in North Palm Beach

A Publix-anchored shopping center in North Palm Beach sold for $12.6 million, or about $152 per square foot.

Canadian investment firm Woolbright Development bought the 83,966-square-foot Northlake Promenade Shoppes and outparcels occupied by BP Gas, Chase Bank and CVS, plus a site for further development.

Sign Up for the undefined Newsletter

Anthony Blanco, director of investment sales for the Shopping Center Group at commercial real estate brokerage firm Avision Young, led the marketing efforts along with Avison Young principals David Duckworth and AJ Belt, III.

“Northlake Promenade Shoppes offers a unique opportunity for an investor to realize immediate cash flow from a stable tenant roster and capitalize on the upside potential available with additional development,” Belt said in an Avison Young press release.

“Publix has been extremely active in buying their own stores when available,” Duckworth said in the press release. “However, with this project featuring such a valuable land component, it was a much better fit for a prominent developer like Woolbright Development to create maximum value for the center.”

Tags
DevelopmentPalm Beach