David Associates sells Palm Beach Gardens shopping center for $9M

The West Palm Beach-based real estate firm had purchased the property in 2013 for $4.4M and spent $1M in renovations

David Associates’ Al Marulli and the Shoppes in the Gardens
David Associates’ Al Marulli and the Shoppes in the Gardens

David Associates sold a shopping center in Palm Beach Gardens for $8.7 million to a New York-based investment group.

West Palm Beach-based David Associates sold the 32,985-square-foot property known as the Shoppes in the Gardens for $263 per square foot, records show. A company tied to New York-based Blake Road Realty bought the shopping center.

The retail property sits at the corner of Military Trail and PGA Boulevard. It is anchored by Dunkin Donuts, Re/Max Realty, George Ryan Salon and Taco Chula, according to David Associates’ website.

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David Associates bought the property in 2013 for $4.4 million. The company’s CFO Hillary O’Brian said the firm spent about $1 million in renovations and updates to the property during its ownership.

David Associates was founded in 1983 by Al Marulli. The company has accumulated over 2 million square feet of properties throughout the East Coast, with a focus on Palm Beach County, North Carolina and Connecticut, according to its website.

The firm also owns the Atrium Building at 324 Datura Street in West Palm Beach as well as the Harvey Building at 224 Datura Street.

Palm Beach Gardens is seeing more interest from developers. New York Life Insurance Co. bought The Financial Center at the Gardens in late July for $71.8 million, in one of the Palm Beach County’s largest office sales of the year. Late last year, Brookfield Asset Management paid nearly $218 million for the PGA National Resort & Spa in Palm Beach Gardens, marking the largest hotel sale in South Florida of the year.