The Real Deal Miami

North Palm Beach retail center sells for $12.5 million

Woolbright Development paid about $152 per square foot for Northlake Promenade Shoppes
December 24, 2016 09:00AM

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.

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.”