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
From left: 12034 Corozo Court in Palm Beach Gardens and William Weisberg (Photos via Providence Equity; ADHQ; Redfin)
Planet Fitness and Smoothie King operator sells Palm Beach Gardens home for $5M
Planet Fitness and Smoothie King operator sells Palm Beach Gardens home for $5M
Serena Williams with 7703 Bold Lad Road and 6431 River Pointe Way (Getty, Google Maps)
Serena Williams sells Palm Beach Gardens home after buying Yadier Molina’s Jupiter mansion
Serena Williams sells Palm Beach Gardens home after buying Yadier Molina’s Jupiter mansion
Robert Lapidus and David Levinson with 333 Central Gardens Circle, Palm Beach Gardens (Getty, Central Gardens)
L&L founders pay $47M for Palm Beach Gardens apartments
L&L founders pay $47M for Palm Beach Gardens apartments
Olen Properties's Igor Olenicoff and Northwestern's John Schlifske with 4045 Central Gardens Way, Palm Beach Gardens (Getty, Twitter)
Olen Properties pays $80M for Palm Beach Gardens apartments
Olen Properties pays $80M for Palm Beach Gardens apartments
The Palm Beach Gardens office towers
DiVosta family sells Palm Beach Gardens office towers for $80M
DiVosta family sells Palm Beach Gardens office towers for $80M
12251 Tillinghast Circle and Elin Nordegren (Credit: Google Maps and Gustavo Caballero/Getty Images)
Tiger Woods’ ex-wife buys Palm Beach Gardens home
Tiger Woods’ ex-wife buys Palm Beach Gardens home
Jack Niklaus and a rendering of the Panther National Clubhouse (Getty)
Jack Nicklaus to design golf course at Avenir in Palm Beach Gardens
Jack Nicklaus to design golf course at Avenir in Palm Beach Gardens
Waterway Café (Facebook)
Waterway Cafe in Palm Beach Gardens sells for $13M
Waterway Cafe in Palm Beach Gardens sells for $13M
arrow_forward_ios

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

Loading...