InvenTrust Properties Corp. has acquired Southern Palm Crossing which is a 346,200 square foot Costco anchored shopping center in Royal Palm Beach, Florida, for a record-breaking $97 million.
Christopher Covey, senior vice president of transactions for the Downers Grove, Ill.-based REIT, said, “These purchases will give the company additional operational economies of scale in the South Florida and Dallas markets. The Shoppes at Fairview also has tenants such as Capital One and Jos. A Bank and will be adding a new multi-tenant building this summer that will have additional national and regional tenants. Southern Palm Crossing, located in a key, high-traffic area of Palm Beach County, also has a Marshalls/Homegoods store and a newly leased 24-Hour Fitness that will replace Stein Mart.”
ShopCore Properties, a Chicago-based retail owner/operator and a Blackstone Group affiliate, sold Southern Palm Crossing. Besides, the deal was the biggest retail transaction in more than two years in South Florida.
Southern Palm Crossing is located at 11001 Southhern Blvd. on a 50 acre parcel. The property was built in 2006. In April 2016, Gertz Builders & Developers sold the shopping center to an unidentified institutional investor now believed to be ShopCore for a reported $78.5 million. CBRE’s National Retail Investment Group in Florida, led by Executive Vice Presidents Casey Rosen and Dennis Carson, represented the seller.In addition, Rosen and Carson provided exclusive representation to the seller in the latest transaction.
Source: CP Executive