North Palm Beach retail center sells for $12.5 million

Woolbright Development paid about $152 per square foot for Northlake Promenade Shoppes

TRD MIAMI /
Dec.December 24, 2016 09:00 AM

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.

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.”


Related Articles

arrow_forward_ios
Michael Aram and Aret Tikiryan with 135 Seminole Avenue, Palm Beach (Patrick McMullan/Getty, Realtor)

Imagine the decor: Michael Aram buys Palm Beach house for $5M

Imagine the decor: Michael Aram buys Palm Beach house for $5M
Andy Unanue & 111 El Brillo Way (Credit: Google Maps)

Goya Foods heir buys Palm Beach mansion for $11M

Goya Foods heir buys Palm Beach mansion for $11M
Carl Esrey & 119 E Inlet Drive (Credit: Google Maps)

Real estate financier drops $6M on Palm Beach home

Real estate financier drops $6M on Palm Beach home
The late Kate Ford with 300 North Lake Way (Credit: William Jacobellis/New York Post Archives /(c) NYP Holdings, Inc. via Getty Images, and Google Maps)

Ford family estate in Palm Beach lists for $58M

Ford family estate in Palm Beach lists for $58M
Donald Burns and 1021 North Ocean Boulevard (Twitter, Realtor)

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

South Florida signed resi contracts up in September: Elliman

South Florida signed resi contracts up in September: Elliman
11750 Turtle Beach Road, North Palm Beach (Realtor)

Billionaire businessman sells North Palm Beach mansion for $19M

Billionaire businessman sells North Palm Beach mansion for $19M
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)

Dezer’s 30-acre megaproject in North Miami Beach gets first approval

Dezer’s 30-acre megaproject in North Miami Beach gets first approval
arrow_forward_ios

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

Loading...