Dania Beach-based retail space developer Dacar Management paid $18 million for 51.7 acres of vacant land in Royal Palm Beach.
The land is on the southeast corner of Okeechobee Boulevard and State Road 7.
The village government of Royal Palm Beach rezoned the land for commercial development in 2010 with a site plan for 259,000 square feet of space for retail stores and restaurants.
Dacar bought the land from three companies managed by Martin Prechter in Boca Raton.
The first-quarter retail vacancy rate was 3.9 percent in the Palm Beach County submarket encompassing Royal Palm Beach and Wellington, according to a report by Colliers International South Florida.
That was lower than the county-wide retail vacancy rate of 4.4 percent in the first quarter.
Colliers also reported that the average asking price for leased retail space in the Wellington/Royal Palm Beach submarket was $17.86 per square foot in the first quarter, compared to the county-wide average of $19.68.
With no ongoing construction of retail space under way, the submarket led all others in Palm Beach County in net absorption of retail space during the first quarter. [South Florida Business Journal] – Mike Seemuth