The Real Deal Miami

Toronto firm pays $33.2M for Boca Raton shopping center

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

Shoppes at Boca Greens (Inset: CBRE’s Dennis Carson)

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.