CBRE has facilitated the $6.3 million sale of The Shops at Village Square, a multi-tenant retail shopping center in North Palm Beach, to SOVS Holdings, LLC, a Florida-based entity managed by Michael Saba.
David Donnellan and Patricia Friend with CBRE represented the seller in the transaction, Vermont-based ICV NPB, LLC.
The 24,095-square-foot property is located at 420 US Highway 1, just north of Northlake Boulevard. At the time of sale, The Shops at Village Square was fully occupied by 15 retail, office, and service tenants, including Subway, Jupiter Donut Factory, Fit Body Boot Camp, City of North Palm Beach, and Allora Italian restaurant, among others.
“CBRE sold this property back in 2014 to ICV NPB LLC who, at that time, orchestrated a substantial physical renovation that transformed the property into a Class A retail, office, service center,” said Donnellan, a Senior Vice President at CBRE. “Investor demand was extremely strong during this recent marketing process, generating a highly competitive bid process that ultimately drove pricing above ask price, further validation of the robust investment sales market for retail and mixed-use properties.”
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