The Ocean Mall on Singer Island in Riviera Beach just sold for $7.55 million.
Rosehill Group of Boca Raton, a joint venture between Duncan Hillsley Capital and Pebb Capital, bought the 67,000-square-foot oceanfront property at 2401 North Ocean Avenue. The seller was Garrison Investment Group of New York.
Garrison Investment Group had purchased the property in a 2013 foreclosure auction for $2 million, or about $30 per square foot. Now, the mall sold for about $112 per square foot.
It’s space is currently 53 percent leased. Tenants include restaurants Two Drunken Goats and Johnny Longboats, as well as beachwear store Wings and a Subway and 7-Eleven.
Mark King, senior advisor of SVN | South Commercial Real Estate was the broker. King told The Real Deal the buyer plans to bring in more restaurants and community based events to attract nearby residents.
“This is a wonderful asset in great demand,” he said. “Through our expansive and inclusive marketing we were able to create a competitive environment and exceed the seller’s expectations.”
Nearby, VistaBlue Singer Island, a 19-story, 58-unit condominium project by developer Third Palm Capital is under construction. Unit prices start $1.4 million to almost $8 million for penthouses. It is scheduled for completion in January 2018.