Cushman & Wakefield Completes $12.9M Sale of Publix-Anchored Shopping Center in West Palm Beach
8 Oct, 2010, Palm Beach
Cushman & Wakefield's Southeast Capital Markets Group today announced the sale of Southdale Shopping Center, located in West Palm Beach, Florida. Mark Gilbert, Executive Vice President, Adam Feinstein, Executive Director, and Eric Williams, Senior Financial Analyst, of Cushman & Wakefield's Miami office, were the investment sales professionals responsible for the marketing and execution of the sale assignment.
The team sold Southdale Shopping Center on behalf of Southdale CRP LLC, an affiliate of Ram Development Company of Palm Beach Gardens, Florida. The purchaser was BT Palm Beach LLC, an affiliate of BET Investments of Horsham, Pennsylvania.
Originally developed in 1958 and substantially renovated in 1996, Southdale Shopping Center totals 87,566 square feet and features a strong anchor line-up led by Publix, CVS and the U.S. Postal Service. The property was 10 percent leased at the time of sale. Southdale Shopping Center is located at the intersection of Southern Boulevard and Parker Avenue.
"The property has been a strong and consistent performer for Ram," said Mr. Gilbert. "Ram decided to sell in order to take advantage of the strong demand in the market for high quality grocery-anchored centers, where pricing today is approaching the levels seen in early 2007."
"Southdale Shopping Center is an excellent fit for BET Investments, which deal marks their first acquisition in Florida," said Mr. Feinstein. "The property is a dominant center anchored by Florida's leading grocer. It is a highly stable asset that is insulated from new construction risk given in its infill location."
In 2010, Cushman & Wakefield's Southeast Capital Markets Group has handled $1 billion of retail, office and industrial investment sale assignments. The Southeast Capital Markets Group is comprised of three regional teams, including Mark Gilbert and Adam Feinstein in Miami, Mike Davis in Tampa, and David Meline and Stewart Calhoun in Atlanta.
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