As CPE reported, Perkins Realty Management LLCacquired Shoppes of Delray, a 23,094-square-foot neighborhood shopping center in Palm Beach County on October 22. Just a few days later news arose that the Northeast U.S. investor also closed on Gables End Plaza on the same day, in a separate transaction worth $4 million.
Gables End Plaza is located at 4895 Windward Passage Drive in Boynton Beach, just 6 miles up Military Trail from Shoppes of Delray. The 18,311-square -foot retail and professional center was built in 2000 and it has undergone a series of renovations in 2014. The property was nearly 100 percent occupied at time of the sale, according to Franklin Street.
Franklin Street sold both open-air shopping centers, along with Neal Realty & Investments, Inc. The team representing the sellers was led by Regional Managing Partner Greg Matus and Retail Investment Associate Peter Crane with Franklin Street’s South Florida office. Tim Neal of Neal Realty & Investments, Inc. represented Perkins.
The buyer is relatively new to the South Florida real estate market. In March, Perkins paid $5.8 million for the Pinecrest Square shopping center in Fort Lauderdale, a transaction also arranged by Franklin Street. The company obtained a new CMBS loan for all three properties combined.