Longpoint Realty buys Publix-anchored shops in Boynton Beach

DDR Corp. sold Aberdeen Square for about $120 psf

Jun.June 05, 2018 03:30 PM

Dwight Y. Angelini Managing and Founding Partner of Longpoint Realty Partners

A Boston-based real estate private equity firm bought a Publix-anchored shopping center in Boynton Beach for $9.9 million.

Ohio-based real estate investment trust DDR Corp. sold the nearly 8-acre property at 4966 Le Chalet Boulevard to Longpoint Realty Partners for $120 per square foot, property records show.

Aberdeen Square, which DDR acquired in 2007 for an undisclosed price, was built in 1990 and had an average rent of $10.44 per square foot, according to DDR’s 2017 annual report with the Securities and Exchange Commission.

DDR owns and manages 258 retail properties totaling 89 million square feet in the U.S., according to its website. In March, the publicly traded company sold off two Publix shopping centers, one in Hialeah and one in Miami, to the Lakeland-based grocer. It also announced on Monday that it will spin-off of a portfolio of 49 shopping centers, including 37 properties in the continental U.S. and all 12 of its Puerto Rico centers, into a separate publicly traded company

Longpoint focuses on industrial and retail properties in major East Coast and Texas markets. In December, Longpoint bought a 39,050-square-foot building at 3055 Northwest 84th Avenue in Doral for $5.8 million, or about $150 per square foot. Longpoint was launched by former TA Associates Realty brokers Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provos, according to its website.

Related Article

Publix plans to build and open a grocery store in Hollywood (Credit: Getty Images, Pixabay)

Boaters, rejoice: Waterfront Publix with boat access moves forward

Boynton Commons and InvenTrust Properties Corp CEO Tom McGuinness (Credit: Google Maps and InvenTrust)

Carlyle Management pays $50M for Boynton shopping center

James Batmasian and 22973-23071 State Road 7

James Batmasian buys Publix-anchored Boca Raton shopping center

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

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project