Delray-based Redfearn Capital buys Tequesta shopping center for $12.5M

Fully leased shopping center sold for nearly $170 psf

Aug.August 01, 2017 11:15 AM

Village Square of Tequesta Inset: NAI Merin Hunter Codman founder Neil Merin

Delray Beach-based Redfearn Capital just purchased a retail center in Tequesta for $12.5 million, property records show.

The 74,639-square-foot shopping center at 221 South U.S. Highway 1 traded for about $167 per square foot. Pittsburgh-based Tequesta Investors LP, an affiliate of CC Realty Advisors Ltd., sold the property.

NAI Merin Hunter Codman’s Bruce Corn brokered the sale of Village Square of Tequesta, which is fully leased. Tenants include West Marine, Tequesta Brewing Co., 3 Natives, Hog Snappers Shack and Sushi, and Vulcano’s Italian Restaurant.

Annual asking rents average between $17 per square foot and $18 per square foot in Tequesta, Corn said.

The shopping center was built on 5.5 acres of land in 1957, according to property records. The seller paid $10.3 million for the retail strip in 2008.

Its new owner, Redfearn, invests in transportation and real estate in Colorado and Florida with about $100 million of assets under management, according to the company’s website. Last year, Redfearn partnered with Hampshire Companies to acquire a Publix-anchored shopping center in Port St. Lucie.

Tequesta, named after the Tequesta Indians, is a village in Palm Beach County that lies just south of Jupiter Island, where Céline Dion recently sold her oceanfront estate for $28 million.

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