(For more retail coverage, click GlobeSt.com/RETAIL.)
BOCA RATON, FL-BV Partners, a private individual in California,has bought the new 26,300-sf Village Plaza at Boca Village fornearly $16.3 million. "The price of $618 per sf is the highestper-sf price recorded for suburban multi-tenant retail in SoutheastFlorida," says David Donnellan, first VP in the local office of CBRichard Ellis.
Donnellan and William Strauss, VP in the same office,represented the seller and were sole brokers in the transaction."Just about any retail in Boca trades above $400 per sf," Donnellantells GlobeSt.com, "but this is brand new; it opened 100% leased toa roster of national and regional creditworthy tenants, and it's inan underserved part of Boca Raton. These factors make it anoutstanding long-term hold for the buyer."
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