Continental Realty Corporation announced the acquisition of a 30,500sf shopping center in Royal Palm Beach for $5.05 million, or $165 per square foot.
The transaction was completed in less than 25 days from start to finish and features a purchase price with an approximate 9.30% capitalization rate on in-place income. Clinton Texter of Marcus & Millichap represented Continental Realty Corporation in this transaction.
The project, which is 100% leased by national retailers Office Depot (25,500sf) and Mattress Giant (5,000sf), is located at 101 South State Road 7, near the intersection of Southern Boulevard.
The acquisition was made on behalf of a real estate fund sponsored by an affiliate of Continental Realty Corporation that will be investing in value-add retail shopping centers and apartment communities throughout the Eastern United States.
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