Blackstone sells Costco-anchored shops to InvenTrust for $97M

Blackstone paid nearly $79M for the 50-acre property in 2016

Jul.July 16, 2019 12:30 PM
Southern Palm Crossing with Blackstone president Jon Gray and InvenTrust Properties CEO Thomas P. McGuinness

Southern Palm Crossing with Blackstone president Jon Gray and InvenTrust Properties CEO Thomas P. McGuinness

UPDATED, July 16, 5 p.m.: The Blackstone Group sold a Costco-anchored shopping center in Royal Palm Beach for nearly $97 million, property records show.

InvenTrust Properties Corp. affiliate IVT Southern Royal Palm Beach 1031 LLC paid $96.75 million for Southern Palm Crossing. The 346,200-square-foot retail plaza at 11001 Southern Boulevard was built in 2006.

Blackstone paid $78.5 million for the 50-acre property in 2016.

Other tenants include Marshalls, HomeGoods, 24 Hour Fitness, SteinMart, Carrabba’s Italian Grill, Outback Steakhouse and Massage Envy.

CBRE Dennis Carson and Casey Rosen represented Blackstone in the sale.

Downers Grove, Illinois-based InvenTrust Properties, a retail real estate investment trust, focuses on acquiring open-air, grocery-anchored shopping centers. The firm owns and manages 73 retail properties with 12.3 million square feet of retail space, including two shopping centers in Pembroke Pines and one in Palm Beach Gardens.

With the Royal Palm Beach purchase, the REIT has now acquired more than $280 million of grocery-anchored centers so far this year. InvenTrust also recently paid $36 million for a Whole Foods-anchored retail center in a Dallas suburb for $36 million, according to a release.

Earlier this month, Blackstone made a splash in Broward County with the purchase of three hotels in Miramar and in Plantation for more than $43 million.

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