The Real Deal Miami

Canadian investment firm buys Boynton Beach retail center

Shoppes of Boynton traded for about $180 psf
By Amanda Rabines | March 09, 2018 04:30PM

Shoppes of Boynton and Northbridge’s Adam Lazier (Credit: Atlantic Retail and Northbridge)

Shopping centers continue to sell in South Florida.

Toronto-based Northbridge Investment Management just paid $27.8 million for The Shoppes of Boynton, a 151,830-square-foot retail center in Boynton Beach, property records show.

The center at 2234 North Congress Avenue traded hands for about $180 per square foot. The seller, Boynton FCA LLC, is an affiliate of Charlotte, North Carolina-based FCA Partners.

Records show the Shoppes of Boynton last sold for $19.4 million in 2012. It’s anchored by a Ross Dress for Less, with other tenants including Tuesday Morning, FedEx and Miller’s Ale House.

Just this week, Publix dropped $37.3 million for two shopping centers it anchors in Miami-Dade County. Last year, some of the priciest retail deals in South Florida were grocery-anchored retail centers, with the exception of the $283 million sale of mixed-use retail center 1111 Lincoln in Miami Beach.

Over the summer Northbridge paid $33.2 million for a shopping center in West Boca Raton and $16.5 million for the Kendall Pointe shopping center in Miami-Dade. The Canadian firm invests in large-scale industrial, retail and office properties, according to its website.