BOCA RATON, FL-Palms Plaza, a 68,976-square-foot shopping center in the heart of affluent Boca, traded for $18.5 million. Florida-based North American Development Group scooped up the retail asset from Greensboro, NC-based Bell Partners.

CB Richard Ellis’ National Retail Investment Group represented Bell Partners in the transaction. CBRE senior vice presidents Casey Rosen and Dennis Carson, along with first vice president Nikolas Kozy brokered the deal.

“NADG was interested in established, high quality real estate and a property with growth potential,” Rosen said in a statement. “Palms Plaza has an excellent in-fill location and a long history of successful operations. The property benefits from nearby offices and cross-shopping customers visiting the adjacent Garden Shops at which Publix recently expanded.”

Located 22191 Powerline Road in Boca Raton, Palms Plaza is immediately south of the intersection of Palmetto Park and Powerline roads and serves the surrounding affluent communities. A high-end specialty supermarket, Party City, Chase Bank, and a free standing Olive Garden anchor the center. The property is 92.3% occupied.

Anthony Blanco, managing partner at Plaza Advisors, tells GlobeSt.com North American Development group is a “very active buyer” of well-located, high quality retail properties across the Southeast. Palms Plaza, he says, fits perfectly within the firm’s investment parameters.

“The center is situated at a key intersection in Boca Raton, is very well sheltered from future competition and benefits greatly from the traffic generated by the adjacent Publix grocery store,” Blanco says. “The property's intersection has nearly 100,000 cars per day. The center should continue to benefit from high occupancy rates and rising tenant sales under this new owner's attentive management and leasing.”

According to Crossman & Company, Palm Beach County, home to Boca Raton, has the second highest retail rents in the state. The average rental rate in Palm Beach County is $18 on a 89.2% occupancy rate. Miami is the strongest Florida retail market with $21.84 average rental rate and 94.1% occupancy.