West Palm Beach Retail Asset Sells for $24M
- Nov 15, 2019
Garrison Investment Group has sold The Shoppes at Southern Palms, a 200,888-square-foot shopping center in West Palm Beach, Fla. The new owner, a South America-based investment group affiliated with Miami Manager, purchased the asset for $23.6 million.
The buyer assumed the remaining balance of an $18.3 million CMBS loan originated by Argentic Real Estate Finance, according to county records. Marcus & Millichap’s Institutional Property Advisors represented the seller and procured the buyer in the deal.
The property, located on 23 acres at 8751-8821 Southern Blvd., was fully leased at the time of sale. Anchor tenants Dick’s Sporting Goods and Kohl’s occupy a combined 172,396 square feet under long-term leases expiring in 2028 and 2030, respectively. The asset’s other tenants include Dollar Tree, GNC and Hard Exercise Works. The shopping center is midway between Florida’s Turnpike and State Road 7, just east of the 135-acre South Florida Fairgrounds.
IPA’s senior directors Kirk Olson and Drew Kristol were part of the team representing the seller. In October, the brokers arranged the sale of a 262,632-square-foot shopping center in Palm Bay, Fla.