Juster Development buys Palm Beach Gardens office and retail center

LNR took control of the property in 2012

Shoppes & Offices at PGA West
Shoppes & Offices at PGA West

Juster Development Company just paid $9.25 million for an office and retail center in Palm Beach Gardens.

LNR Partners sold the Shoppes & Offices at PGA West at 5500 PGA Boulevard, which spans nearly 38,000 square feet, for about $245 per square foot.

The commercial mortgage-backed securities trust took ownership of the property in 2012 after foreclosing on a $6.8 million mortgage from the previous owner, PGA Commons, which is tied to the Channing Corporation. PGA Commons paid $4 million for the 4-acre property in 1999 and developed the building in 2001.

Shoppes & Offices at PGA West features about 18,350 square feet of retail space and 19,400 square feet of office space. The property is nearly fully leased to tenants including La Masseria, Salute Market and Lickstein Plastic Surgery.

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HFF’s Luis Castillo, Danny Finkle, Eric Williams and Nat Scarmazzi represented the buyer and seller.

Juster Development focuses on retail acquisitions along the East Coast, and has a 2 million-square-foot portfolio with 18 shopping centers, according to its website.

In May, InvenTrust Properties Corp. paid $88 million for a 121,000-square-foot shopping center, just three miles east along PGA Boulevard. Menin Development sold that property after investing $14 million into renovations.