Crow Holdings buys Boca Raton shopping center for $30M

Tenants include Party City, Chase Bank and Olive Garden

Palms Plaza and Ben Doherty (Credit: NADG and Crow Holdings Capital)
Palms Plaza and Ben Doherty (Credit: NADG and Crow Holdings Capital)

A company tied to the Trammel Crow family’s Crow Holdings Capital Real Estate just bought a shopping center in Boca Raton for $30.2 million, property records show.

The Dallas-based asset manager paid about $360 per square foot for the roughly 85,000-square-foot shopping center at 22191 Powerline Road. North American Development Group, a Canadian commercial real estate developer, sold the property.

Palms Plaza, built in 1988, last sold for $18.5 million in 2011. Tenants include Party City, Chase Bank and a standalone Olive Garden restaurant. The 9.4-acre property includes about 400 parking spaces.

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Crow Holdings Capital and its affiliates have managed funds that have acquired or developed assets totaling $17.9 billion, according to its website. Trammel Crow Residential is working on plans for a rental tower in downtown Fort Lauderdale. 

North American Development Group, owns a number of retail properties in Florida, including the 798,000-square-foot Mall of the Americas in Miami.