Publix-anchored shopping center in Boynton Beach trades for $17M

Buyer is tied to NYC real estate manager

Miami /
Sep.September 14, 2021 10:30 AM
Publix-anchored shopping center in Boynton Beach trades for $17M

1005 West Gateway Boulevard in Boynton Beach and Lewis Barbanel, owner of Barberry Rose Management (Google Maps, BRM)

The Publix-anchored Quantum Village shopping center in Boynton Beach sold for $16.5 million.

An entity tied to Barberry Rose Management bought the property at 1005 West Gateway Boulevard from an entity managed by Fiorenzo Bresolin, president, founder and CEO of Secured Equities, records show. The buyer scored a $14.5 million acquisition loan from Ameris Bank.

Barberry Rose Management – owned by Lewis Barbanel, who also manages the buying entity – is based in Woodmere, New York and manages a real estate portfolio in the New York City area, according to its website.

The 95,499-square-foot Quantum Village plaza spans four buildings constructed in 2007 on 10.9 acres, according to property records.

It is within the Quantum Town Center mixed-use community, which also includes residences and offices. Aside from Publix, other tenants include Crossfit, a UPS Store, Bramer’s Brazilian Cuisine and Tropical Smoothie Café.

Secured Equities, which is based in Quantum Town Center but was started in 2012 in Ontario, is a real estate investor, acting as general and limited partner in real estate limited partnerships, according to its website. Records show it bought the shopping center lot in 2007 for $2 million.

The deal underscores the buoyancy of grocery-anchored retail at a time when brick-and-mortar shopping centers generally are coping with e-commerce growth. Overall, consumers have continued buying groceries in stores, unlike other goods that are increasingly trading online.

In Palm Beach County, Publix is opening at the massive master-planned community of Westlake. The grocer bought the site of a future shopping center for $9.1 million in July.

Also, two out of the three biggest leases in Palm Beach County in the second quarter were signed by Sprouts Farmers Market. Sprouts signed one lease at Pine Trail Square in West Palm Beach and another at Delray Commons in Delray Beach.

The county’s net retail absorption for the second quarter was 120,000 square feet, the highest since 2019, according to Colliers. The average rent increased 6.1 percent, year-over-year, to $24.41 a square foot.

Boynton Beach is seeing other types of real estate change hands, especially multifamily. In one of the biggest sales, investment behemoth Blackstone bought the One Boynton apartment complex for $171 million in September.





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