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

PGA Plaza underwent a $14M renovation in 2015

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 Article

Toll Brothers CEO Douglas C. Yearley, Jr. an a rendering of Avenir Community

Homebuilder Toll Brothers adds to portfolio aimed at active adult communities in Palm Beach Gardens

Brenton Saunders and 14630 Watermark Way

Wrinkle-free deal? Botox parent Allergan CEO sells Palm Beach Gardens home

Chicken Soup for the Soul publisher sells Deerfield Beach properties, pollutants discovered at new Miami Civil Courthouse: Daily digest

David Associates’ Al Marulli and the Shoppes in the Gardens

David Associates sells Palm Beach Gardens shopping center for $9M

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Legacy Place at 1000 Legacy Place in Palm Beach Gardens and Alton Townhomes at 8072-8110 Hobbes Way

Private equity landlord drops $10M for Palm Beach Gardens apartments