UPDATED June 30, 3:25 p.m.: An affiliate of the publicly traded real estate investment trust DDR Corp. just took out an $18.1 million mortgage on a Palm Beach Gardens shopping center called Northlake Commons.
Property records show DDR’s DDRM Northlake Commons LLC closed on the financing from Morgan Stanley and Citigroup Global Markets Realty Corp.
Tenants include Five Below, Jo-Ann Fabric and Craft Stores, Ross and Starbucks. The shopping center has four spaces available that range from 2,400 square feet to 4,600 square feet, according to its website. The property also has about 20,000 square feet to 30,000 square feet of land that could be developed, a site plan shows.
DDR bought the 5.6-acre property at 3880 Northlake Boulevard in 2003 for $24.3 million. Home Depot, Arby’s and Taco Bell own their own buildings within the shopping center.
Last year, the retail REIT paid $26.4 million for a fully leased retail center in Jupiter in joint venture with Blackstone Real Estate Partners. It owns and manages 309 retail properties, representing 103 million square feet in the U.S., according to its website.
Palm Beach County’s retail market showed strength in the first quarter of this year, according to Colliers International South Florida. Retail sales tripled during the first quarter to $236 million, and vacancy rates dropped marginally by 0.2 percent quarter-over-quarter to a ten-year low of 4.4 percent, Colliers said.
DDR could not immediately be reached for comment.