JACKSONVILLE-The North American Development Group, aToronto-based company with its US headquarters in Palm BeachGardens, purchased two retail properties in Florida. The first wasa 42,448-square-foot, Publix-anchored shopping center inJacksonville, for which it paid $8.7 million. The sale was not anarms-length transaction, according to the Duval County propertyrecords. The second purchase was an 18.5-acre-parcel in Vero Beach,for an undisclosed sum. The developer is planning to build a Publixshopping center at this site as well.

The North American Development Group, which was founded in 1977,focuses exclusively on shopping centers. It has acquired 12existing centers and super market development sites over the pasteight months with a total gross leasable area of over one millionsquare feet.

The Jacksonville property North American Development justpurchased, known as Riverside Market Square, is located in thehistoric Riverside neighborhood just south of downtown. The sellerwas Greenboro, North Carolina-based Bell Partners. Theeight-year-old property is a stable, mature shopping center with a28,000-square-foot Publix, says Jeff Preston, vice president foracquisitions and development for the North American DevelopmentGroup, who is based in Palm Beach Gardens.