North American Development Group has paid $18.5 million for the Palms Plaza shopping center, located at 22191 Powerline Road in Boca Raton.
Bell Partners, a real estate firm based in Greensboro, N.C., sold the 70,000-square-foot shopping center. CB Richard Ellis’ National Retail Investment Group in Miami represented Bell Partners.
Palms Plaza, located just south of Palmetto Park Road, is anchored by Party City, Chase Bank and a free-standing Olive Garden. At the time of the closing, Palms Plaza was 92 percent occupied.
“NADG was interested in established, high-quality real estate and a property with growth potential,” said Casey Rosen, a senior VP with CBRE in Miami. “Palms Plaza has an excellent infill location and a long history of successful operations. The property benefits from nearby offices and cross-shopping customers visiting the adjacent Garden Shops, at which Publix recently expanded.”
The CBRE National Retail Investment Group specializes in the sale, debt and equity finance, and recapitalization of retail properties nationwide. The team includes Rosen, Senior VP Dennis Carson and First VP Nikolas Kozy.
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