PALM BEACH, FL—In a deal that CBRE illustrates a growing trend toward class B retail acquisitions, the Village Square Plaza, a 24,000-square-foot unanchored multi-tenant retail center in North Palm Beach, has traded hands. The retail strip is located at 420 US Highway 1 in North Palm Beach.

The buyer, ICV NPB, LLC, purchased the property for $1.9 million from Village Square Plaza, Inc. and Peter A. Hotchkiss, as trustee, a Florida-based private investor. David Donnellan and Todd Weintraub of CBRE managed the sale represented the seller.

“The market for B/C quality retail centers has heated up dramatically over the past year. Demand is very strong from private capital, especially for value-add opportunities such as Village Square Plaza,” says Donnellan, first vice president with CBRE. “Investors are increasingly comfortable that leasing fundamentals are improving, so they have a clearer vision of stabilizing properties with excessive vacancy.”

The retail property is located just north of the intersection of Northlake Boulevard and US Highway 1 in northeastern Palm Beach County. The shopping center has been operating since 1978 with a mix of local and national retail and office/service tenants, including Subway and Nature's Way Café.