Ferreira family buys grocery-anchored North Palm Beach shopping center for $36M

Property is almost fully leased, includes Doris Italian Market & Bakery, Sherwin Williams

Shoppes at City Centre at 11201-11261 U.S. Highway 1 in North Palm Beach (Marcus & Millichap)
UPDATED, June 7, 5:05 p.m.: Shoppes at City Centre at 11201-11261 U.S. Highway 1 in North Palm Beach (Marcus & Millichap)

Investors tied to the Ferreira construction and utility companies scooped up the Shoppes at City Centre retail plaza in North Palm Beach for $36 million.

Brothers Antonio and Nelson Ferreira, through an affiliate, bought the property at 11201-11261 U.S. Highway 1 from an entity tied to Martin and Irving Osher, according to the broker’s release and state corporate records.

Douglas Mandel and Tyler Kuhlman led the Marcus & Millichap team that represented the seller and the buyer.

Built in 1999, the 98,846-square-foot shopping center spans three buildings on 10.6 acres, according to the release and property records. The Oshers, through their affiliate, had paid $19 million for the plaza in 2015, a deed shows.

The Shoppes at City Centre is 96.8 percent leased, with anchors West Marine and Doris Italian Market & Bakery, the release says. Other tenants include Carrabba’s Italian Grill, Sherwin Williams, UPS Store, Dollar Tree and Zoo Health Club.

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Nelson Ferreira is CEO of a group of companies that focus on construction and utility services, according to Ferreira Construction’s website. Most carry the Ferreira name and are based in Branchburg, New Jersey. The family of companies includes Vanguard Energy Partners, a solar projects firm, and American Pile, a pile driving and drilling contractor.

The Ferreira brothers also have been investing in Palm Beach County retail. In 2018, an entity led by Antonio and Nelson Ferreira, as well as by Kevin Kruse, paid $7.1 million for Tequesta Fashion Mall at 150 North U.S. Highway 1 in Tequesta. Records show they still own the plaza.

Also in North Palm Beach, American Commercial Realty bought Crystal Cove Commons, which consists of a four-story office building and adjacent ground-floor retail, at 1201 U.S. Highway 1 for $36.2 million in November. Seller Black Lion Investment Group had listed the property in 2020 for $44.8 million, meaning the sale closed at roughly $9 million less than the asking price.

North Palm Beach, a municipality in the northeast part of Palm Beach County, also has a healthy stock of mansions that have attracted high-profile buyers, including timeshare mogul David Siegel and his wife, Jackie, who is known as the “Queen of Versailles;” and LoanDepot founder and CEO Anthony Hsieh.

The South Florida retail market has been rebounding from a pandemic-induced slump. In the first quarter, Palm Beach County’s vacancy rate fell a percentage point, year-over-year, to 4.3 percent, according to a Colliers report. Asking rents rose to $27.26 per square foot from $23.69 per square foot in the first quarter of last year.

In other Palm Beach County deals, Emerald Empire last month paid $25 million for The Shops at Boca Grove at 21077 Powerline Road near Boca Raton. The deal came on the heels of Richard Yager Jr. and Jeffrey Yager’s YFP paying $9.5 million for the Wawa-leased outparcel at 6405 West Boynton Beach Boulevard, which is part of their Mainstreet at Boynton mixed-use project.