PALM BEACH, FL—The Shoppes at Southern Palms is the latest high-profile retail asset to trade in South Florida. New York-based Garrison Investment Group acquired the 200,880-square-foot shopping center for $31.4 million from a joint venture between Panattoni Development Co. and a client advised by Invesco Real Estate.
CBRE’s National Retail Investment Group in Florida provided exclusive representation to the seller in the transaction. CBRE senior vice presidents Casey Rosen and Dennis Carson and first vice president Nikolas Kozy brokered the transaction. The asset is 86% occupied.
“This is a great example of the type of property that value-oriented investors are pursuing today—and that’s the nature of the group that bought this property,” Casey tells GlobeSt.com. “Stabilization of the asset is likely to result in a substantial increase in value.”
Located the north side of Southern Boulevard between Florida’s Turnpike and US Highway 441 in the west central portion of developed Palm Beach County, Shoppes at Southern Palms serves the affluent communities of Royal Palm Beach, Wellington, Loxahatchee, Green Acres and West Palm Beach. It is the newest major shopping center within the regional retail concentration centered around the Mall at Wellington Green.
The property opened in 2009 and is anchored by a 92,396-square-foot Kohl’s department store and a two-story, 80,000-square-foot Dick’s sporting goods store. The balance of the property consists of 28,493 square feet of available non-anchor space plus three vacant pad sites that can accommodate 31,464 square feet of additional gross leasable area.
“I expect to see a continuation of a significant number of retail trades that happened last year,” Casey says. “The big thing that hasn’t yet happened in any major volume has been sales coming out of the securitized debt world. So we haven’t seen CMBS special servicers really sell much real estate or sell much debt relative to the amount of distressed debt and real estate they have.”
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