Toronto firm pays $33.2M for Boca Raton shopping center

Shoppes at Boca Greens is 88% leased, sold for $300 psf

Miami /
Jun.June 15, 2017 12:15 PM

A shopping center in West Boca Raton just sold for $33.2 million to an affiliate of Toronto-based Northbridge Investment Management, property records show.

New York-based Cohen Commercial Properties affiliate New Carteret Shopping Center Association sold Shoppes at Boca Greens, a 109,228-square-foot property at 19625 S State Road 7, for about $300 per square foot.

Cohen bought the 15-acre shopping center in 2008 for $10.5 million. It was built in 1984.

CBRE’s Dennis Carson and Casey Rosen represented Cohen in the latest sale. The shops are 88 percent leased with rents averaging about $29 per square foot, according to CBRE and LoopNet.

Rent increases, below market rents and available space are expected to increase the new owner’s income stream, Carson said in a release. Available spaces range from 900 square feet to 8,100 square feet, including a former Outback Steakhouse restaurant that spans 6,288 square feet.

Tenants include Edwin Watts Golf, Harmon Face Values, Lee’s Barbeque, Denny’s Kids and Pediatric Associates.

Despite the nationwide retail doom and gloom, CBRE said in a recent report that tenant demand has increased since the recession, outpacing supply and pushing vacancy rates down over the past two years in Palm Beach County.

Northbridge invests in large-scale industrial, retail and office properties, according to its website. The firm bought the Kendall Pointe shopping center in the Kendall neighborhood of Miami-Dade in April for $16.5 million.


Related Articles

arrow_forward_ios
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Rendering of Boca Ice and Fine Arts Center courtesy of Peninsula Ice LLC 
Ice skating gliding into Boca: Arena developers score $14M construction loan
Ice skating gliding into Boca: Arena developers score $14M construction loan
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

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

Loading...