A spokesperson for Woolbright tells GlobeSt.com the price was $30 million, or just over $195 per sf, but declined to identify the seller. On condition of anonymity, a broker familiar with retail properties here tells GlobeSt.com the price was probably "at about the $250-per-sf level." In August, GlobeSt.com reported that Woolbright paid $228 per sf for Shops at Boca Grove, and a report from the area office of CB Richard Ellis states that the previously undisclosed price it paid for Glades Plaza here as part of three-property Florida portfolio was just over $334 per sf.

The retail vacancy rate throughout Palm Beach County is under 3.6%, according to CBRE data, and the average asking lease rate in Boca Raton is $29.99 per sf, triple-net, the second highest in the country behind the Palm Beach submarket. According to a Woolbright statement, the company "is currently in the process of developing a renovation plan" for Del Mar Village.

The acquisition "further solidifies our ownership of shopping centers in prime Boca Raton locations," Mike Fimiani, VP of leasing, says in the statement. "We'll continue to expand our portfolio with these types of centers throughout the state."