Juster Development buys Boynton Beach shopping center for $19M

MMG Equity Partners and Global Fund sold the Publix-anchored center

TRD MIAMI /
Feb.February 12, 2019 01:30 PM

MMG Equity’s Gabriel Navarro and Whitworth Farms shopping center

A joint venture between MMG Equity Partners and Global Fund sold a Publix-anchored shopping center in Boynton Beach to Juster Development Company, adding to the growing commercial investment in the eastern Broward County city.

Whitworth Farms, at 12425 Hagen Ranch Road, sold for $19.35 million, according to a press release from MMG. Dennis Carson of CBRE was the listing agent for the property, which sold at 96.1 percent leased.

The MMG joint venture paid $11.2 million for Whitworth Farms in March 2013, records show.

Juster Development Company owns and manages 18 shopping centers along the East Coast, totaling almost 2 million square feet, according to its website. The company also owns another Publix-anchored development, the Palm Crossings West Melbourne.

Many Publix-anchored shopping centers are owned by the grocer itself. The company owned 31.8 percent of its stores at the end of 2017.

Boynton Beach, located between Boca Raton and West Palm Beach, has seen a number of new apartment and senior living developments in recent years. A luxury townhouse project a block away from the ocean recently launched sales, with prices starting at about $1.5 million.


Related Articles

arrow_forward_ios
Jeff Greene and 1601 North Congress Avenue (Google Maps)

Jeff Greene buys hotel in Boynton Beach for $19M

Jeff Greene buys hotel in Boynton Beach for $19M
1601-1697 North Hiatus Road

Publix-anchored Pembroke Pines shopping center scores $14M refi

Publix-anchored Pembroke Pines shopping center scores $14M refi
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Rendering of the new store and Publix CEO Todd Jones

Publix pays $23M for site of new Coral Gables store

Publix pays $23M for site of new Coral Gables store
Publix (Credit: iStock)

Publix to offer rent relief to retail tenants

Publix to offer rent relief to retail tenants
A Publix-anchored shopping center sold (Credit: iStock)

Publix shopping center in West Palm sells for $12M

Publix shopping center in West Palm sells for $12M
Ken Stiles and a rendering of the project

Stiles to bring Publix shopping center to Village of Golf

Stiles to bring Publix shopping center to Village of Golf
From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach

South Florida properties involved in $85M debt relief scheme head to auction

South Florida properties involved in $85M debt relief scheme head to auction
arrow_forward_ios

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

Loading...