Jensen Beach shopping center anchored by Hobby Lobby sells for $19M

The 169,223-square-foot property, which sold for $112 per square foot, has tenants that compete well with online-shopping options

Miami /
May.May 26, 2018 12:30 PM

Marketplace Square in Jensen Beach (Credit: LoopNet)

A Jensen Beach shopping center anchored by a Hobby Lobby store sold for $19 million, a price that reflects the property’s competitive resistance to online shopping.

The 169,223-square-foot property, called Marketplace Square, had an 89 percent occupancy rate when the sale closed at a price of $112 per square foot.

In addition to Hobby Lobby, the tenants include Buddy’s Home Furnishings, Buffalo Wild Wings, Dollar Tree, Once Upon a Child, Rush Trampoline Park, and two out-parcel restaurants, KFC and Sonic.

Marketplace Square has “a diverse, Internet-resistant tenancy,” Patrick Berman of brokerage firm Cushman & Wakefield said in a prepared statement.

Berman represented the seller of the shopping center, Leon Capital Group, together with another Cushman managing director, Jason Donald, and associate Todd Tolbert.

Marketplace Square is at 3181 Northwest Federal Highway in Jensen Beach, near several leading retailers including Publix and Target and Treasure Coast Square Mall, which has more than a million square feet of retail space. – Mike Seemuth


Related Articles

arrow_forward_ios
Amir Korangy, Michael Shvo and Jeff Greene
Michael Shvo and Jeff Greene talk distress, opportunities in office
Michael Shvo and Jeff Greene talk distress, opportunities in office
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
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
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
arrow_forward_ios

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

Loading...