$30M sale of Boca Raton shopping center topped the month’s deals

New Delhi, July 26, 2018: With experts predicting a “retail apocalypse”, South Florida has remained a lone exception. In June, the top retail deals included three traditional shopping centers, a building in South Beach, and the sale of the Metro Mall building in downtown Miami’s jewelry district.

The June investment sales figures were compiled from Miami-Dade, Broward and Palm Beach County property records.

The largest retail sale last month belongs to Crow Holdings Capital Real Estate’s purchase of a shopping center at 22191 Powerline Road in Boca Raton for $30.2 million.

According to report In published in therealdeal.com the Dallas-based asset manager paid about $360 per square foot for the roughly 85,000-square-foot shopping center known as the Palms Plaza. Crow Holdings is tied to the family of Dallas real estate developer Trammell Crow. North American Development Group, a Canadian commercial real estate developer, sold the property.

The largest retail sale last month belongs to Crow Holdings Capital Real Estate’s purchase of a shopping center at 22191 Powerline Road in Boca Raton for $30.2 million.

The Dallas-based asset manager paid about $360 per square foot for the roughly 85,000-square-foot shopping center known as the Palms Plaza. Crow Holdings is tied to the family of Dallas real estate developer Trammell Crow. North American Development Group, a Canadian commercial real estate developer, sold the property according to  therealdeal.com

Palms Plaza was built in 1988 and last sold for $18.5 million in 2011. Tenants include Party City, Chase Bank and a standalone Olive Garden restaurant. The 9.4-acre property includes about 400 parking spaces.

 

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