Nearly a decade after selling its interest in a large Miami Beach retail portfolio, Acadia Realty Trust is back in South Florida, acquiring a Palm Beach County shopping center for $68 million.
An affiliate of Rey, New York-based Acadia, led by CEO Kenneth Bernstein, purchased Pinewood Square, a 96,586-square-foot center and six outparcels spanning 24,279 square feet at 6330 Lantana Road in Lake Worth Beach, records show.
The deal breaks down to $562 per square foot.
A Cushman & Wakefield team led by Mark Gilbert and Adam Feinstein brokered the sale of Pinewood Square, a press release states.
The seller, a joint venture between Boca Raton-based Woolbright Development and Lake Worth-based Principal Asset Management, sold the shopping center and outparcels for $46.2 million above their purchase price a decade ago.
In 2015, the joint venture paid $21.8 million for the property, records show. The buildings were completed between 1997 and 2008. The shopping center’s tenants include Ross Dress for Less, HomeGoods, T.J. Maxx, Panera Bread, AT&T and Famous Footwear. The outparcel buildings are leased to Chase Bank, PNC Bank, AutoZone, Outback Steakhouse, La Granja and Jiffy Lube.
Acadia, a real estate investment trust or REIT, owns and operates a commercial portfolio across the U.S. valued at about $5 billion, with more than half representing open-air retail properties, the firm’s website states. In Florida, Acadia also owns shopping centers in Lutz, Palm Coast and Tampa.
In 2014, Acadia and Coral Gables-based Terranova Corporation sold six commercial buildings on Miami Beach’s Lincoln Road for a combined $342 million, published reports state. The buyer was a joint venture between Terranova and Morgan Stanley Real Estate Investing.
Acadia joins a wave of institutional investors and real estate firms scooping up South Florida shopping centers. This month, an entity managed by Dayvana Milano and Lisette Hermoso in Coral Springs dropped $21.3 million for Village Shoppes of Coconut Creek, a two-building shopping center in Coral Springs featuring tenants such as Hook’s Catch Seafood & Wings, Colella Cosmetic Dentistry and Pasquale’s Pizza Co.
In January, Indianapolis-based Kite Realty Group bought Village Commons Shopping Center in West Palm Beach for $68 million. The retail plaza is anchored by a Publix supermarket.