BOCA RATON, FL-Potomac, MD-based Total Wine and More has signed a lease for 24,150 sf at the Shops at Boca Center. This takes occupancy at the 116,194-sf upscale lifestyle property at 5050-5250 Town Center Circle to 100%.
Lynette Green, senior associate in the Palm Beach County office of CB Richard Ellis, represented the owner, identified as 485 Properties LLC, in the negotiations. Greg Roth, formerly with the area office of the Dallas-based Staubach Co., spoke for the tenant.
Total Wine and More also has units at Legacy Place in Palm Beach Gardens and Harbor Shops in Fort Lauderdale. Green says the new anchor at Boca Center is an ideal addition to "the upscale mixed-use ambiance." Among the other Boca Center tenants are: Chico's, Duo Moda, Uncle Tai, Cucina d'Angelo, Bombay, Starbucks, the Crystal Leaf and Spalano.
The value of the lease and rental rate are undisclosed. According to CBRE's most recent retail report, the retail vacancy rate in the county's Boca Raton submarket stood at just over 3.3% in mid-2005, and the average asking rental rate was $29.99 per sf. This puts its average asking rate second only to the Palm Beach submarket, which the report puts at $32.50 per sf.
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