Franklin Street Brokers $20.55 Million Sale Palm Beach County Retail Center

Dec 05, 2018 No Comments by

Franklin Street has arranged the $20.55 million sale of Village Shoppes on 441, a 285,045-square-foot, Burlington and Bealls-anchored shopping center located at 10101 Southern Boulevard in the Royal Palm Beach submarket of the affluent Palm Beach Metro area.

John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, a CMBS Special Servicer, in the transaction.  The buyer, Hollywood,FL-based JBL Asset Management, plans to invest significantly in the property to attract additional tenants and upgrade the building.

The property was auctioned on RealINSIGHT Marketplace and generated more than a dozen registered bidders.

The retail center is 85% occupied with a strong mix of national and regional tenants including Bealls, Burlington, Planet Fitness, Tires Plus, USPS and T-Mobile.

Built in 1990, Village Shoppes on 441 is located at the heavily-trafficked intersection of Highway 441 and State Road 7.

“There continues to be strong investor interest in well-positioned centers that have redevelopment potential in core markets,” said Belk, senior director of investment sales at Franklin Street.  “The buyer had a rare opportunity to purchase this asset significantly below replacement value on a prime retail corridor in Palm Beach County, Florida’s wealthiest county.”

 

 

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Industry News, NA, Palm Beach County Retail, Retail
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