RJS JV buys Carl’s Plaza near Palm Beach Gardens, plans renovations
Bass Pro Shops originally wanted to renovate the site, but plans fell through
UPDATED, 7:48 p.m., April 27: Bass Pro Shops just released a retail development site near Palm Beach Gardens.
Property records show an affiliate of the outdoor sporting goods retailer just sold Carl’s Plaza at 11940 US Highway 1 for $7 million. The company originally intended to build one of its World Wide Sportsman stores on the 6-acre site, but plans fell through.
Bass Pro Shops paid $5.5 million for the property in 2014, and won county commission approval shortly thereafter to build up to 70,600 square feet of retail on the site, as well as a covered area for boats.
The buyer, 11940 Highway One Realty LLC, is a joint venture between NTK Partners and RJS Partners, led by Robert J. Sullivan.
Sullivan is president and founder of brokerage firm RJS Realty Group, which represented the joint venture in the acquisition, along with Timothy F. Vallace of TFV Real Estate Advisors.
The joint venture will take over renovations of the former furniture store, according to a source close to the deal. The plaza spans 74,940 square feet, meaning the deal breaks down to about $94 per square foot. It lies on the east side of U.S. 1, a little less than two miles north of PGA Boulevard.
Online marketing material shows the center will be renovated into a marketplace called Waterway Shops. Sullivan said the joint venture is in discussion with a number of retailers and restaurants to sign onto the project. The site is near a number of office complexes, including the Golden Bear Office Plaza and an FPL corporate campus.
RJS Realty Group has sold over $3 billion in properties throughout the Southeast, according to its website.
Correction: A previous version of the article misrepresented RJS Realty Group as the buyer and the square footage of the plaza.