Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M

Tenants at the 88K sf retail center also include PetSmart, Club Pilates and Lang Realty

Miami /
Mar.March 02, 2021 01:30 PM
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)

Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)

Tricor Financial Corp. sold Cobblestone Commons shopping plaza west of Boynton Beach for $38 million, as the retail market shows signs of a rebound.

Property records show Winter Park-based Tricor, through affiliates Springs Equity and Cobblestone KT, sold the 88,456-square-foot retail center to Cobblestone USA, based in Coral Gables. The buyer borrowed $22.8 million from UBS to finance the purchase.

Cobblestone Commons spans 12 acres at 8767 Boynton Beach Boulevard. Built in 2019, the plaza is anchored by a 24,800-square-foot Winn-Dixie that opened in November. It replaced an Earth Fare, as the organic grocer has liquidated most of its assets following a bankruptcy filing in February 2020.

Other Cobblestone tenants include PetSmart, Club Pilates, Sport Clips Haircuts and Lang Realty.

Tricor, led by Marc Hagle, has built over 10.5 million square feet of commercial real estate and thousands of residential units, according to its website.

Buyer Cobblestone USA is linked to Isidoro Attie Laniado, executive vice president of strategy and finance at Mexico-based Fibra Uno Administracion SA real estate investment trust. Laniado is director of A Group Beach Corp., an affiliate of Cobblestone USA.

Palm Beach County’s retail market started to improve late last year. In the fourth quarter, the average asking rent increased 3 percent to $23 per square foot, and the vacancy rate dropped 0.1 percent to 5.2 percent, compared to the third quarter, according to a Colliers International report.

The county scored some notable investment sales last quarter. In December, London-based Motcomb Estates bought the Tiffany & Co. building on Palm Beach’s Worth Avenue from Fortress Investment Group, Hyde Retail Partners and Kean Development for $26.4 million.

Also in December, Rosemurgy Properties sold a Pompano Beach shopping center for $10 million, and Pebb Enterprises sold a West Palm Beach Tesla dealership for $13 million in October.


Related Articles

arrow_forward_ios
Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House (Two Roads Development, Frisbie Group, The Boundary with Noe & Associates, Getty)
Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
The property at 15998 Walgreens Drive near Jupiter with MG3 Group’s Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff (CBRE, MG3 Developer)
MG3 drops $78M for Walgreens distribution facility near Jupiter
MG3 drops $78M for Walgreens distribution facility near Jupiter
13th Floor Investments' Arnaud Karsenti and Key International's Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road (13th Floor Investments, Key International)
13th Floor JV nab $102M construction loan for Delray project
13th Floor JV nab $102M construction loan for Delray project
Sean Hannity with 9 Sloans Curve Drive (Getty, Google Maps)
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
404 East Coconut Palm Road in Boca Raton (Google Maps, Getty)
Waterfront Boca Raton spec mansion sells for $19M
Waterfront Boca Raton spec mansion sells for $19M
(Illustration by The Real Deal; Getty)
Residential sales fall 30% across South Florida
Residential sales fall 30% across South Florida
(Illustration by The Real Deal; Getty)
North Palm Beach caps height of two-story homes
North Palm Beach caps height of two-story homes
211 Dunbar Road (Google Maps)
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
arrow_forward_ios

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

Loading...