Home Depot just paid $8.1 million for a former Sports Authority site in Jupiter, with plans to demolish the 38,000-square-foot building and expand its existing Home Depot store next door.
The 3-acre site at 1560 West Indiantown Road traded hands for about $210 per square foot. The home improvement chain owns the adjacent 103,400-square-foot store at 1694 West Indiantown Road and will expand its space, according to the Palm Beach Post.
Records show an entity tied to Kairos Investment Partners bought the former Sports Authority property last year for $4.75 million. Sports Authority closed its doors in 2016, after the debt-strapped sporting goods retailer filed for Chapter 11 bankruptcy and put 320 store leases up for auction – including this property.
The deal is part of a larger trend of investors buying shuttered big-box retail sites to be repurposed. Just this month, Chevy dealer Arnaldo Bomnin paid $25 million for the former Toys “R” Us building on U.S. 1 near Dadeland Mall. In April, Turnberry Associates and LeFrak picked up an 11.5-acre Costco site for $17 million to add to their $4 billion SoLē Mia mixed-use project.