By Robert Demeter
Miami–CBRE recently announced that the company has arranged the sale of Southern Palm Crossing, a 339,648-square-foot shopping center located in Royal Palm Beach, Fla. The property was acquired for an undisclosed price by an institutional investor, and was 97 percent leased at the time of the sale.
CBRE’s National Retail Investment Group in Florida, led by Executive Vice Presidents Casey Rosen and Dennis Carson, exclusively represented the seller, Gertz Builders & Developers.
“Southern Palm Crossing is a Class A, institutional quality asset serving an affluent, established and growing trade area. The property was sold with existing CMBS debt, and the loan assumption process required great patience and perseverance by all parties involved,” said Rosen.
Built between 2006 and 2007, located at 11031 Southern Blvd and anchored by Costco, Marshall’s Homegoods and Stein Mart, Southern Palm Crossing represents an institutional-quality asset serving the Wellington area. In addition to the mentioned tenants, others include BB&T, Sprint, Pearle Vision, Gamestop, SportClips, Jamba Juice, Rack Room Shoes, Dress Barn, Panera Bread, Outback, Carrabba’s and Starbucks.
Gertz Builders & Developers has completed numerous projects in South Florida and is now developing The Pointe at Kendall Town Center on Kendall Drive in the Miami-Dade County.
CBRE Group Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is one of the world’s largest commercial real estate services and investment firms, in terms of 2015 revenue. The company has more than 70,000 employees, excluding affiliates, and serves real estate owners, investors and occupiers through more than 400 offices, again, excluding affiliates, worldwide. CBRE offers strategic advice and execution for property sales and leasing, corporate services, facilities and project management, mortgage banking, appraisal and valuation, development services, investment management, and research and consulting.
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