JV led by Plantation-based investors buys Lake Worth shopping plaza for $15M
Shoppes at Mission Lakes, adjacent to a Super Target, sold for $362 psf
A family partnership of Plantation-based real estate investors paid $14.7 million for a Palm Beach County retail complex adjacent to a Super Target.
Daryl and Carol Stair Revocable Trust, Steven Stair, Carley Stair, Rebecca Stair Frisoli and Krantz Family LLP acquired Shoppes at Mission Lakes at 5500, 5516 and 5940 South State Road 7 in Lake Worth, according to records.
The buyer paid $362 per square foot for the 41,429-square-foot retail site.
A JLL team led by Eric Williams and Danny Finkle brokered the deal.
The seller, an entity managed by Gary Koolik, who heads Wellington-based real estate firm Brefrank, acquired the 11.4-acre site in 2005, records show. The three buildings that make up the complex were completed in 2007 and 2016.
Shoppes at Mission Lakes is fully leased, according to a press release. The tenant roster includes Heartland Dental, Sal’s Italian Ristorante, Pet Supermarket, Advance Auto Parts, Mattress Firm and Hard Exercise Works.
The retail complex is next to a Super Target store. Yet, even though Shoppes at Mission Lakes doesn’t have a big box or grocery store anchor tenant itself, retail properties like it are garnering significant investor interest, Williams said in a statement. The new owners can hedge against inflation through annual rent increases, he added.
“Shoppes at Mission Lakes benefits from a strong location in an affluent and growing market with strong in-place tenancy and the ability to further enhance value in the future,” Williams said.
Still, shopping centers anchored by grocery stores are in high demand across South Florida. Recently, a Food Fair-anchored shopping center in Plantation, and a Winn Dixie-anchored retail plaza in Deerfield Beach sold for a combined $57 million.
In West Palm Beach, Publix dropped $56.5 million for a shopping center anchored by one of the Lakeland grocer’s stores. And in North Palm Beach, an Italian market-anchored shopping center traded for $36 million.