By Robert Demeter
Royal Palm Beach, Fla.—CBRE recently arranged the sale of Commons at Royal Palm, a 158,345-square-foot retail property located near West Palm Beach. The asset was sold by an affiliate of Retail Properties of America Inc. to an undisclosed buyer. The seller was represented by Casey Rosen and Dennis Carson of CBRE’s National Retail Investment Properties Group.
Located at 531 N. State Road 7 in Royal Palm Beach, Commons at Royal Palm serves a high quality suburban, affluent trade area with a well-defined retail market. The property is centered north and south of the Mall at Wellington Green and surrounding neighborhoods consist of upper income family households.
“Commons at Royal Palm is a well located power center that had recently undergone the replacement of three of its four anchor tenants,” said Rosen in prepared remarks. “The buyer was interested in excellent real estate with top-notch tenancy and outstanding demographics, and Commons at Royal Palm met those criteria. CBRE marketed the property and arranged the transaction before the new anchors opened.”
At the time of the sale, Commons at Royal Palm was 95 percent leased and featured new leases with Hobby Lobby, Big Lots and Party City.
Photo courtesy of CBRE