Investors took big swings on retail destinations in suburban South Florida in the first quarter of the year.
Of the region’s five most expensive retail transactions, all but one closed in Palm Beach County, with Crown Onyx and the Reuben Brothers’ $200 million purchase of Worth Avenue’s Esplanade leading transactions. Elsewhere in the tri-county region, investors targeted shopping centers anchored with big box tenants.
Here’s a look at the South Florida’s biggest retail deals so far this year:
$200M | 150 Worth Avenue, Palm Beach | Reuben Brothers and Crown Onyx
London-based Reuben Brothers, led by the billionaire brothers Simon and David Reuben, teamed up with Crown Onyx in March to drop $200 million on the Esplanade at 150 Worth Avenue in Palm Beach. The 1979-built complex on the island’s premier shopping strip is anchored by tenants like Carolina Herrera, Emilio Pucci, Lugano Diamonds and Piaget. The shopping center took a hit last year when Saks Fifth Avenue closed its 50,000-square-foot flagship after more than 40 years.
New York-based O’Connor Capital Partners, led by Bill O’Connor, bought the complex for $106 million in 2014. The deal marks an 88.7 percent appreciation since its last trade, a sign of Palm Beach’s rapid growth over the last decade.
$46.3M | 3200-3470 Northwest 62nd Avenue, Margate | Nuveen Real Estate
Chicago-based Nuveen Real Estate, led by Bill Huffman, bought the Aldi-anchored Coral Landings III shopping center at 6166 and 6208 West Sample Road in Margate for $46.3 million last month. The deal equated to a 24 percent price increase in four years. The seller, West Palm Beach-based Sterling Organization, paid $37.4 million in 2022 for the 23.2-acre complex. The 172,500-square-foot shopping center has six single-story buildings that were built in 2008, 2009 and 2019. The sale closed for $268 per square foot.
Nuveen, which is the investment arm of Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA), closed a $330 million raise for its U.S. Cities Retail Fund in March.
$43M | 6885 Southwest 18th Street, Boca Raton | Berritto Family Office
Fort Lauderdale-based Berritto Family Office, led by CEO Anthony Berritto, dropped $92.7 million on a Boca Raton mixed-use retail portfolio in February. The largest of the acquisitions was the $43 million it paid for Boardwalk, a 130,350-square-foot shopping center at 6885 Southwest 18th Street. Built in 1986 on 10 acres, Boardwalk’s tenants include BurgerFi, Dunkin’, Rafina Greek Taverna, Holloway’s Irish Pub and Quest Diagnostics.
The sale worked out to $330 per square foot. The seller was Weston-based Titan General Partners, led by James Caprio.
$43M | 225 Worth Avenue, Palm Beach | Acadia Realty Trust
White Plains, New York-based Acadia Realty Trust bought the 9,900-square-foot Gucci storefront at 225 Worth Avenue in Palm Beach for $43 million last month. The sale equated to $4,300 per square foot. The seller was Miami Beach-based JSB Capital Group, which paid $18 million for the space in 2021.
Acadia, led by Kenneth Bernstein, paid 138.4 percent more than the storefront’s sale price five years ago.
$16M | 21301 Powerline Road, Boca Raton | Berritto Family Office
Berritto’s second largest acquisition in its Boca Raton portfolio was the $33.7 million Grove Centre at 21301 Powerline Road. Built in 1983 on 3.5 acres, the 51,800-square-foot shopping center has Kabbalah Centre and the Crohn’s & Colitis Foundation among its tenants.
The sale worked out to $572 per square foot.
$30M | 5024-5090 West Atlantic Avenue, Delray Beach | Carlyle Management Company
Boca Raton-based Carlyle Management, led by Gerry Simon and Charles Rosner, bought the Sprouts-anchored Delray Landing shopping center at 5024-5090 West Atlantic Avenue in Delray Beach for $30 million in January, according to property records. The sellers were Boca Raton-headquartered Pebb Enterprises and Topvalco.
The more than 70,000-square-foot complex was built in 1981 on 7 acres, records show. Its tenants include Keke’s Breakfast Cafe, CJ’s Sports Bar and Grill and EZ Nail Salon.
$25M | 2121, 2085 Northwest Second Avenue, Miami | GWealth Management
Weston-based GWealth Management dropped $25 million in January on a Wynwood portfolio that included the retail buildings at 2121 and 2085 Northwest Second Avenue in Miami. The seller was Miami investor Steve Rhodes. He bought the site for the 2121 Northwest Second Avenue in 2013 for $619,000 and built the three-story, 27,000-square-foot building in 2016. He bought the one-story, 6,300-square-foot building at 2085 Northwest Second Avenue and a surface parking lot for $3 million in 2014.
The portfolio had been on the market asking $28 million. The acquisition by GWealth, led by Juan Arango, signals sustained investor interest in Wynwood, even as rising rents in the district test the durability of its growth.
$23.2M | 5301 West 20th Avenue, Hialeah | Volta Global
Miami-based Volta Global, led by Marko Dimitrijevic and Jeff Evans, bought an Office Depot-anchored 128,100-square-foot mixed-use shopping center for $23.2 million in January. The strip mall at 5301 West 20th Avenue includes a two-story big box store with a self-storage component leased by A+ Mini Storage.
A+ Mini principal Raul Nuñez paid $4 million for the 5.6-acre site in 2001, records show. The sale marks a 480 percent appreciation in price since the complex’s last trade.
$21.5M | 1200 West 49th Street, Hialeah | Luis Somoano
Car dealer Luis Somoano bought the longtime site of Gus Machado Ford in Hialeah for $21.5 million in February. Records show the seller was Verium Investments LLC, a Florida entity managed by Gus Machado Ford executive Victor Benitez, which paid $19.4 million for the 5.7-acre site in 2024. The dealership was built in 1969 and includes five buildings, records show.
Somoano heads Doral Automotive Group, which now owns four car dealerships in South Florida, according to Wards Auto. He financed the Hialeah purchase with a $15.4 million loan with City National Bank of Florida.
$19.5M | 6265 West Sample Road, Coral Springs | Grover Corlew
Pliskin Realty bought the Turtle Run Shoppes at 6265 West Sample Road in Coral Springs for $19.5 million in January. The seller was Boca Raton-based Grover Corlew, led by Mark Corlew and Anuj Grover, which bought the 2.8-acre shopping center for $5 million in 2014. Pliskin is based in Garden City, New York and led by president and CEO Jeffrey Pliskin. The shopping center was built in 1990 and spans 34,000 square feet, records show. Its tenants include Ross Dress for Less and Cycle Gear.
$16.1M | 7000 West Palmetto Park Road, Boca Raton | Berritto Family Office
Berritto also bought the 7.6-acre City National Bank Plaza at 7000 West Palmetto Park Road from Titan General Partners for $16.1 million. The 127,000-square-foot mixed-use strip mall was built in 1986 on 7.6 acres, and its tenants include its namesake City National Bank of Florida, McDonald’s and Bagel Boss. Across the street is the Publix-anchored Garden Shops at Boca Del Mar shopping center.