James Batmasian buys Publix-anchored Boca Raton shopping center

The shopping center sold for $226 psf

TRD MIAMI /
Aug.August 23, 2019 02:30 PM
James Batmasian and 22973-23071 State Road 7

James Batmasian and 22973-23071 State Road 7

A company tied to real estate developer James Batmasian bought a Publix-anchored shopping center in Boca Raton for $16 million.

Batmasian bought the 70,524-square-foot West Boca Plaza at 22973-23071 State Road 7 (US 441) in Boca Raton for $226 per square foot, records show. Sandalfoot Plaza Associates, which is managed by attorney Fred Fechheimer of Huntington Woods, Michigan, sold the property.

Avison Young’s David Duckworth, John K. Crotty, Michael T. Fay and Brian C. de La Fé represented the seller in the deal.

West Boca Plaza sits between a Bank of America-anchored office building and two-fully-occupied retail centers. The property is 95 percent occupied and has 700 feet of frontage on State Road 7, according to a release.

The retail center was built in 1987. In addition to Publix, tenants include Little Caesars, Cricket Wireless and 441 Animal Hospital.

James Batmasian is one of the largest commercial property owners in Boca Raton. Last year, Batmasian and his wife Marta became embattled in a controversy that led to former Boca Raton Mayor Susan Haynie’s suspension by the Florida Commission on Ethics. The Commission found that Haynie concealed her financial ties to the Batmasians while also voting on their projects.

Publix-anchored shopping centers are highly valued by real estate investors since the grocery store brings consistent traffic.

Over the past few years, Publix has been buying up retail centers to become its own landlord. The company owned 31.8 percent of its stores at the end of 2017 and is buying more than 30 stores a year, nationwide.


Related Articles

arrow_forward_ios
Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

A rending of the the project

REI to open first South Florida store in Boca Raton

Royal Palm Residences and Ignacio Diaz

Group P6 launches sales of new luxury condo project in Boca Raton

University Park and Square Mile Capital CEO Craig Solomon (Credit: Zillow)

Boca Raton student housing scores $71M refi

Rooms to Go CEO Jeffrey Seaman and 9465 Glades Road (Credit: Google Maps)

Rooms To Go CEO bags furniture store in Boca Raton

484 South Maya Palm Drive (Credit: Royal Palm)

Transportation exec buys Boca home for $12M

Tom Gores of Platinum Equity and Naveen Shah of Blue Sky Hospitality with 661 Northwest 53rd Street

Embassy Suites in Boca sells for $30M

249 West Alexander Palm Road and Kimberly Vassalluzzo

Fund manager’s wife buys Boca Raton mansion for $13M

arrow_forward_ios
Loading...