Winn-Dixie-anchored shopping center in West Palm trades for $25M

The Winn-Dixie-anchored Shoppes At Palm Coast Plaza in West Palm Beach traded for $24.8 million.

An entity tied to Johnstone Capital Partners’ Edmund Beebe bought the 246,753-square-foot retail center at 7587-7785 South Dixie Highway from Dania Beach-based Dacar Management, according to a deed. Beebe’s entity borrowed $13.8 million from Valley National Bank.

The Shoppes at Palm Coast spans 21.3 acres and consists of four buildings, two of which were constructed in 1959 and the others in 1989 and 1999, property records show. Dacar Management bought the property in 2009 for $10.6 million.

Tenants include Bealls Outlet, Pollo Tropical, Planet Fitness and Wendy’s.

The seller and property manager declined to disclose the occupancy rate. Dacar Management is led by President Alberto Micha.

Palm Beach-based Johnstone Capital Partners has been active in the area, including breathing life into West Palm’s Warehouse District. The company assembled six warehouses along Elizabeth Avenue, and between I-95 and Parker Avenue, for $5.7 million in 2015 and 2016 and repurposed them into retail space. It resold them nearly fully leased in 2018 for $18.5 million to Asana Partners.

The South Florida retail market has been rebounding from a pandemic-induced slump, with the Palm Beach County vacancy rate falling to 4.9 percent in the fourth quarter of 2021, compared to 5.2 percent during the same period of 2020, according to a Colliers report.

Landlords also pushed up the average asking rent to $27.02 per square foot in the fourth quarter, above the $25.12 per square foot in the third quarter of 2021 and $23.44 per square foot in the fourth quarter of 2020.

In another recent grocery-anchored deal in Palm Beach County, Jacksonville-based Sleiman Enterprises bought the Publix-anchored Delray Square shopping plaza in February for $48 million.