Whole Foods-Anchored Shopping Center In Boca Trades For $118.5M

JLL  Capital Markets secured the $118.5 million sale of Uptown Boca, a premier 194,927-square-foot grocery-anchored shopping center in Boca Raton.

JLL represented the seller, a joint venture between Schmier Property Group, Giles Capital Group, Rosemurgy Properties and Wheelock Street Capital.

The buyer was Stockbridge Capital Group.

Uptown Boca is strategically positioned at 9536-9704 Glades Rd. with 1,300 linear feet of frontage along this major thoroughfare carrying 37,000 vehicles per day. The property sits within a thriving mixed-use development with 456 luxury residential units and is surrounded by one of South Florida’s most affluent and rapidly growing populations.

The institutional-quality retail center is 100% leased to a strong mix of national and regional tenants, including Whole Foods Market, Life Time Fitness, REI, HomeSense and Sephora. The property features a weighted average lease term of 12.5 years and minimal near-term rollover, ensuring long-term cash flow stability.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Danny Finkle, Senior Director Jorge Portela and Vice President Kim Flores.

“Uptown Boca represented a rare opportunity to acquire a best-in-class retail asset in one of Florida’s most desirable investment markets,” said Finkle. “The property’s exceptional tenant roster, strong demographics and high barriers to entry made it an attractive institutional-quality acquisition.”

 

“The recent opening of traffic-generating anchors Whole Foods Market and HomeSense and the upcoming opening of Life Time Fitness completely redefined this investment opportunity,” added Portela. “Uptown Boca offered an ideal combination of stability with significant upside potential in one of Boca Raton’s strongest retail submarket.”

The property benefits from exceptional demographics, with 224,052 residents and an average household income of $148,666 within a five-mile radius. The West Boca retail submarket maintains a 97.8% occupancy rate with rental rates at all-time highs, having increased 59% since 2015.