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, Fla.-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.”
For more information on Franklin Street, visit FranklinSt.com.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Management and Valuation – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.
About RealINSIGHT Marketplace: RealINSIGHT Marketplace is the preeminent platform for CRE transactions, bringing Buyers, Sellers, and Brokers together to efficiently list, market, and close deals. Marketplace has transacted over $2B in CRE sales since launching in March of 2017. Learn more about Marketplace at ri-marketplace.com.
About JBL Asset Management: JBL Asset Management is a fully integrated commercial real estate investment company that primarily invests in retail shopping centers in major MSAs across the country. JBL’s current portfolio spans over 2 million square feet and is located across 10 different states. Founded in 2005, the firm’s investment philosophy has continued to evolve along with market cycles and new opportunities. JBL’s integrity and speed of execution have made it a sought after transaction partner for institutional and private investors alike.”