Juster Development buys Boynton Beach shopping center for $19M
MMG Equity Partners and Global Fund sold the Publix-anchored 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.