Stockbridge Pays $118M for Boca Raton Retail
Whole Foods anchors the 194,927-square-foot property.
Stockbridge Capital Group has purchased Uptown Boca, a 194,927-square-foot retail center in Boca Raton, Fla., for $118.4 million. A joint venture of Schmier Property Group, Giles Capital Group, Rosemurgy Properties and Wheelock Street Capital sold the grocery-anchored shopping center.
JLL Capital Markets brokered the transaction, working on behalf of the seller. At the time of the deal, the shopping center was fully leased.
Anchored by a 35,000-square-foot Whole Foods grocery store that opened earlier this year, Uptown Boca features a diverse mix of regional and national retailers such as Life Time Fitness, Chick-fil-A, REI, Just Salad, HomeSense and Sephora, among others. The property has a weighted average lease term of 12.5 years, with minimal lease rollover expected in the near term.
READ ALSO: Why Convenience Stores Could Be the Smart Money Play of 2025
Located at 9536-9704 Glades Road, the shopping mall is within the city’s West submarket. It is situated in an area where the daily traffic count reaches 37,000 vehicles, according to JLL. Uptown Boca serves approximately 224,052 residents within a five-mile radius, with an average household income of $148,666.
Schmier Property Group, Giles Capital Group, Rosemurgy Properties and Wheelock Street Capital jointly developed the 19-acre retail property, which reached completion in 2020.
Jutland Finance provided a $125.7 million construction loan in 2019, which also included funding for the adjacent residential space, according to Yardi Research Data. The multifamily component—456 apartments spread across seven buildings—was sold to Cortland in a $230 million transaction in 2021, as reported by Commercial Observer.
Senior Managing Director Danny Finkle, Senior Director Jorge Portela and Vice President Kim Flores led JLL’s Investment Sales and Advisory team.
Palm Beach County’s retail scene
Retail market trends in Palm Beach County showed continued momentum in the first six months of the year, with $532 million in assets trading, according to a recent Cushman & Wakefield report. Over 12 months, sales surpassed $965 million, marking the area’s strongest annual performance since 2022. Activity was especially concentrated in the West Palm Beach submarket.
The county’s overall retail vacancy rate stood at 4 percent, slightly below the national benchmark. However, new development remained limited, the same source showed. Asking rents averaged $36.3 per square foot at the end of the second quarter, up 2.1 percent year-over-year and ranking among the highest in Florida.
You must be logged in to post a comment.