REIT buys Palm Beach Gardens shopping center from Menin Development for $88M

PGA Plaza underwent a $14M renovation in 2015

Miami /
May.May 18, 2018 01:30 PM

PGA Plaza and Craig Menin (Credit: Menin Development)

InvenTrust Properties Corp. just bought the PGA Plaza in Palm Beach Gardens for $88 million.

Property records show an affiliate of Menin Development sold the 121,000-square-foot shopping center at 2500, 2570 and 2658 PGA Boulevard. Craig Menin, CEO of the Delray Beach-based company, said the firm bought the 10-acre site in 2004 for about $17.5 million and began marketing it earlier this year with Eastdil Secured.

The plaza, built in 1975, underwent a $14 million renovation in 2015 that included upgrading its facade and landscaping. The renovations also allowed the developer to build a space for anchor tenants including Trader Joe’s. Other tenants include Marshalls, Ulta Beauty Anthony’s Coal Fired Pizza and Orangetheory Fitness.

InvenTrust bought the property 95 percent leased, according to a press release.

In 2011 the property was hit with a foreclosure lawsuit, but the developer transferred the property to a joint venture with institutional investor C-III Capital in exchange for paying $37.3 million in debt, which Menin said cleared the way for revamping the plaza.

InvenTrust, based in Oak Brook, Illinois, focuses on acquiring and managing open-air shopping centers. The real estate investment trust currently owns and manages about 80 retail properties totaling 14.2 million square feet.

Last year it paid about $163 million for two shopping centers in Pembroke Pines. The deal was one of the largest commercial sales in Broward County. It covered 95 acres on Pines Boulevard and Northwest 160th Avenue.


Related Articles

arrow_forward_ios
Jennifer Hyland, John Hackett and Pamela Liebman with the new office at 2000 PGA Boulevard in Palm Beach (Corcoran, Getty)
Corcoran opens Palm Beach Gardens office
Corcoran opens Palm Beach Gardens office
Gatsby FL president Babak Ebrahimzadeh and a rendering of 11200 RCA Center Drive in Palm Beach Gardens (LinkedIn/Babak Ebrahimzadeh, Gatsby FL, Getty Images)
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
Peters + Hyland's Jennifer Hyland and Illustrated Properties' Vince Marotta with 14958 Palmwood Road (Peters + Hyland Group, LinkedIn, Google Maps)
Developers Robert and Myron Miller buy flipped waterfront Palm Beach Gardens mansion
Developers Robert and Myron Miller buy flipped waterfront Palm Beach Gardens mansion
Dan Catalfumo with Renderings of Ritz-Carlton Residences, Palm Beach Gardens (Landing at PGA Waterway)
Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project
Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project
12203 Tillinghast Circle (Illustrated Properties)
Palm Beach Gardens mansion flips for record $22.5M, doubling in price in a year
Palm Beach Gardens mansion flips for record $22.5M, doubling in price in a year
R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
Lease roundup: The Gateway at Wynwood scores three new tenants
Lease roundup: The Gateway at Wynwood scores three new tenants
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
A photo illustration of 18855 Bee Line Highway in Palm Beach County (Bastian Laggerbauer of Colliers, Google Maps)
From tenant to owner: CTS Engines buys 44-acre industrial facility in northern Palm Beach County
From tenant to owner: CTS Engines buys 44-acre industrial facility in northern Palm Beach County
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...