Stockbridge Capital Group picked up a major South Florida retail center with a $118.4 million purchase of Uptown Boca’s shopping component.
An affiliate of San Francisco-based Stockbridge, led by Terry Fancher, bought the 150,591-square-foot shopping center anchored by a Whole Foods Market at 20940 Uptown Avenue in Boca Raton, records and real estate database Vizzda show. Other tenants include REI, Bonefish Grill, Sephora, Chick-fil-A, and Homesense.
The purchase also included a 77,475-square-foot parking garage at 9536 Glades Road.
The deal breaks down to $519 a square foot for the retail building and the garage, which were completed in 2020 along with an adjacent 456-unit apartment complex, The Residences at Uptown Boca.
A JLL team led by Danny Finkle and Jorge Portela brokered the transaction.
The seller, a partnership between Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital, developed Uptown Boca, a 38-acre mixed-use project, with a $125 million construction loan. The developers bought the site for $38 million in 2018, records show.
In 2021, the joint venture sold The Residences at Uptown Boca for $230 million to Atlanta-based Cortland.
Stockbridge’s acquisition of Uptown Boca’s retail component comes 10 months after the firm and its partner, Lacera, sold Fountains of Miramar in Broward County for $42.3 million to Sunny Isles Beach-based RK Centers. The shopping center is anchored by a Home Depot store, and also features big box tenants Marshalls, HomeGoods, Ross Dress for Less and Pet Supermarket.
Founded in 2003, Stockbridge owns 20,000 multifamily units and 93.2 million square feet of commercial space across the U.S. worth $36.5 billion, according to the firm’s website. Recently, Stockbridge sold a 230-unit apartment complex in San Jose, California, for $97.6 million, roughly $6.3 million below the firm’s purchase price in 2019. In other recent shopping center deals, Todd Nepola’s Hollywood-based investment and brokerage firm Current Capital Group bought a Miami Gardens retail facility on 15-plus acres. Current Capital paid $33 million in July for County Line Shopping Center, which is anchored by Ross Dress for Less and dd’s Discounts stores.