MIAMI-Grocery-anchored neighborhood shopping centers continue to sell quickly in Florida. The latest transactions are the 105,912-sf Crossroads Shopping Center in Royal Palm Beach, FL. and the 105,812 Coral Creek center in Coconut Creek, FL.
Ramco-Gerhsenson Properties Trust of Southfield, MI bought both properties from Prudential Real Estate Investors of Parsippany, NJ.
The Michigan investor paid $18.5 milllion ($175 per sf) for 14-year-old Crossroads and $15.7 million ($148.38 per sf) for 12-year-old Coral Creek. Both properties are 100% leased.
A 42,112-sf Publix and a 13,500-sf Walgreen’s anchor Crossroads at the northeast corner of Royal Palm Beach Boulevard and Okeechobee Boulevard, 90 miles north of Downtown Miami. Other tenants are Blockbuster Video, Bank of America, Washington Mutual and Checkers.
Steve Miskew, managing director of West Palm Beach, FL-based RJS Realty Group, arranged both sales for Prudential and was the sole broker in the transactions.