Franklin Street Nabs Another Palm Beach Deal

Franklin Street announces another Palm Beach County shopping center sale to Perkins Realty Management LLC—following the investor’s acquisition of the nearby Shoppes of Delray.
Gables End Plaza

Gables End Plaza

As CPE reported, Perkins Realty Management LLC acquired Shoppes of Delray, a 23,094-square-foot neighborhood shopping center in Palm Beach County on October 22. Just a few days later news arose that the Northeast U.S. investor also closed on Gables End Plaza on the same day, in a separate transaction worth $4 million.

Gables End Plaza is located at 4895 Windward Passage Drive in Boynton Beach, just 6 miles up Military Trail from Shoppes of Delray. The 18,311-square -foot retail and professional center was built in 2000 and it has undergone a series of renovations in 2014. The property was nearly 100 percent occupied at time of the sale, according to Franklin Street.

Franklin Street sold both open-air shopping centers, along with Neal Realty & Investments, Inc. The team representing the sellers was led by Regional Managing Partner Greg Matus and Retail Investment Associate Peter Crane with Franklin Street’s South Florida office. Tim Neal of Neal Realty & Investments, Inc. represented Perkins.

The buyer is relatively new to the South Florida real estate market. In March, Perkins paid $5.8 million for the Pinecrest Square shopping center in Fort Lauderdale, a transaction also arranged by Franklin Street. The company obtained a new CMBS loan for all three properties combined.

Photo credit: Neal Realty & Investments, Inc.