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

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

Miami /
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.


Related Articles

arrow_forward_ios
The Shoppes of Oakland Forest (Rich Commercial Group)
Shopping center in Oakland Park sells for $11M
Shopping center in Oakland Park sells for $11M
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
Arnaldo Bomnin and 8525 South Dixie Highway (Google Maps)
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
Stephen Schwarzman with the site (Getty, Google Maps)
Blackstone pays $21M for Doral industrial dev site
Blackstone pays $21M for Doral industrial dev site
Nautical Ventures Marine CEO Roger Moore and Holman Automotive CEO Brian Bates with 1400 South Federal Highway (Google Maps)
Holman sells former Fort Lauderdale BMW dealership for $6M
Holman sells former Fort Lauderdale BMW dealership for $6M
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
arrow_forward_ios

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

Loading...