Boca Raton Shopping Center Trades for $16M
- Aug 23, 2019
Sandalfoot Investments LLC has sold West Boca Plaza, a 70,524-square-foot Publix-anchored shopping center in Boca Raton, Fla., to Investments Limited for $16 million. Avison Young’s Florida Capital Markets Group negotiated the deal on behalf of the seller.
Located at 22973-23071 State Road 7, the shopping center is in a dense retail corridor 7 miles southwest of downtown Boca Raton. More than 100,000 people live within 3 miles of the retail asset, which is connected to the wider area via three public bus routes and U.S. Highway 441.
According to Palm Beach County records, West Boca Plaza was built in 1987 on a 4.4-acre parcel. In addition to the anchor tenant, the building’s roster includes Holy Cross Hospital Urgent Care, Cricket Wireless and Little Caesars Pizza.
Avison Young’s David Duckworth, John Crotty, Michael Fay and Brian de La Fé facilitated the purchase. The firm was also involved in Investments Limited’s recent acquisition of two retail properties at the north and south ends of West Boca Plaza.
In March, a $200 million mixed-use development landed a $125 million construction loan. The 38-acre project is underway some 3 miles north of West Boca Plaza.