Franklin Street, along with Neal Realty & Investments, Inc., sells two open-air shopping centers in Palm Beach County to a Northeast U.S. investor for $9.1 million.
Greg Matus, regional managing partner-South Florida, and retail investment associate Peter Crane, both of Franklin Street, and Tim Neal of Neal Realty & Investments, Inc. represented the buyer, Perkins Realty Management, LLC.
Both transactions closed on October 22.
Perkins acquired the Shoppes of Delray, a 23,094-square-foot, multi-tenant center for $5.1 million. The center is nearly 90 percent occupied with key tenants such as: Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance. David Donnellan of CBRE represented the seller. The property is located at 14400-14428 Military Trail, on the corner of Military Trail and Atlantic Avenue.
Perkins also purchased Gables End Plaza, an 18,311-square-foot retail and professional center located at 4895 Windward Passage Drive, in Boynton Beach. Built in 2000 and renovated in 2014, the plaza is nearly 100 percent occupied. The sale price was $4 million. Perkins is relatively new to the South Florida real estate market. In March, the company paid $5.8 million for the Pinecrest Square shopping center in Fort Lauderdale, a transaction also arranged by Franklin Street.
“This buyer is looking to invest in high-quality assets for its long-term portfolio,” Matus said. “The investor has come down to South Florida with an aggressive plan to buy and hold retail properties.”
As part of the deal, Perkins obtained a new commercial mortgage-backed securities (or CMBS) loan for all three properties combined.
“This is a great time for investors who are looking to add properties for the long-term,” Matus said. “Interest rates remain low and lenders continue to be active in the market.”