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BOCA RATON, FL-An affiliate of Coral Gables-based Game Properties has bought the 39,105-sf St. Andrew’s Plaza for $16.8 million or nearly $430 per sf. The seller, an affiliate of locally based Compson Development Corp., acquired the property in August 2001 for $5.8 million and subsequently invested $1.5 million in redeveloping the center.

“It was a tremendous value-added play for us,” says Robert Comparato, president of Compson. “When we acquired the property, there was a 25,000-sf vacant movie theater there. We razed that space and redeveloped it into upscale retail. We also renegotiated leases with Bank of America and Chili’s, virtually doubling their rent,” he says. The center is located at 21090 St. Andrew’s Blvd. next to Simon’s Town Center Mall.

St. Andrew’s was completed in 1982. It is currently 100% occupied, Comparato tells GlobeSt.com, and among the tenants are Maggiano’s, in addition to BofA and Chili’s. He says the rental rate is in the low- to mid-$30s per sf. Compson represented itself in the sale, and Dave Donnellan of the Fort Lauderdale office of CB Richard Ellis represented Firpo Garcia, a principal of Game Properties.

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