The Real Deal Miami

Clarion sells Publix-anchored shopping center near Delray Beach

Atlantic Avenue Realty Associates paid $32M for the shopping plaza
By Amanda Rabines | December 18, 2017 03:06PM

Village of Oriole shopping plaza and CEO of Clarion Partners David Gilbert (Credit: Ramco Gershenson and Clarion Partners)

Clarion Partners just sold a Publix-anchored shopping plaza west of Delray Beach for $31.7 million, property records show.

Records show the buyer, Atlantic Avenue Realty Associates LLC, financed the deal with a $20 million loan from Florida Community Bank. The Delaware company is managed by attorney Myron D. Vogel of Melville, New York.

Atlantic Avenue Realty paid about $200 per square foot for Village of Oriole, a 150,000-square-foot shopping plaza at 7205 West Atlantic Avenue, and two buildings housing a Wells Fargo, Dunkin’ Donuts and a Bank of America with 7,515 square feet.

Records show Clarion paid $23 million for the properties in 2005.

The New York-based real estate firm manages more than $42 billion worth of properties, according to it website. In 2015, it partnered to purchase the Palm Beach Outlets shopping center for $278 million. Last year, the company paid $109 million for the ground leases of a major mixed-use building on Lincoln Road.