The buyer was an offshore investment trust controlled and exclusively represented by Boca Raton, FL-based Penn Florida Realty Corp., of which John Lawrence is president. The Goodman Co. of West Palm Beach, FL, which developed the property, was the seller.

The property sold at an 8% cap rate, "which is a very attractive cap rate in today's market," Ted Gibbons of Investment Realty Advisors Inc. in Bellevue, WA, tells GlobeSt.com.

The center is located at or 5901 W. Hillsboro Blvd., at the northwest corner of State Route 441 and Hillsboro (SR 7), just south of Boca Raton in Broward County. The center, situated on 20.7 acres of land, was 100% leased at the time of the closing. BJ's Wholesale Club, which signed a 20-year lease, is the main tenant. BJ's occupies 75% of the center's building area and brings in 58% of the income of the center.

The one-story building was completed near the end of 2002, and the certificate of occupancy for the last tenant was obtained a couple of months ago. Wachovia provided a $17 million loan at a 5.6% interest rate, with the remainder of the purchase price cash.

"Based on the cash they put into the deal, the annual return was over 10%, which is very good," Gibbons says.

Therefore, this deal provides positive leverage, where the return on investment is higher than the interest rate, he says. "That's obviously a very attractive situation for investors and one that may not always be there."

Gibbons and Lawrence represented the buyer in the transaction. Of probably several hundred buyers contacted, "we emerged as the highest bidder" in that bidding process, Gibbons says.

Collis McGeachy of CB Richard Ellis' Jacksonville office and Gary Saykaly of New Bridge Retail Advisors of Atlanta represented The Goodman Co. The buyer, which has spent more than $43 million purchasing three properties in the last few months, expects to buy one or two Publix-anchored shopping centers in Florida totaling up to $20 million as soon as possible, Gibbons says.

"We are actively looking to purchase a Publix center. We are going to buy a Publix center in the next couple of months," Gibbons says. There are some Publix prospects currently, he adds.

Penn Florida Realty Corp. is a full-service real estate company and a developer of office, industrial, retail and apartment properties in Florida.

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