Cushman & Wakefield Arranges Sale Of 237K SF Shopping Center In Boca Raton

Cushman & Wakefield arranged the sale of Shadowwood Square, a 237,498 square-foot shopping center with a prime location in West Boca Raton at the intersection of U.S. Highway 441 and Glades Road.

Completed in 1982, the center is currently anchored by recent addition Sprouts Farmers Market, along with Walgreens and Old Navy. There are two vacant anchor spaces formerly occupied by Regal Cinema and Bed Bath & Beyond which provide an opportunity to reimagine the next iteration of this shopping center with a combination of best-in-class retailers and/or multi-family.

Mark Gilbert, Adam Feinstein, and Mitchell Halpern of Cushman & Wakefield represented the seller, Shadowwood Square, LTD., a Miami-based entity controlled by Evelyn Langlieb Greer, in the transaction. The purchase was an entity controlled by Edens, a retail real estate owner, operator and developer with a national retail and mixed-use portfolio.

“The center was not widely marketed. This was an arranged marriage and the parties worked beautifully together,” said Gilbert, Vice Chair and Retail Capital Markets Leader for the Americas for Cushman & Wakefield. “The Greer family has owned the property since 1994 and the timing was right for them to sell. Edens was the perfect buyer given they already own in West Boca and their expertise in redeveloping retail assets and mixed-use developments.”

 

“Shadowwood Square has been a super performing center for decades in its current configuration, but the recent recapturing by landlord of two anchor spaces creates a unique repositioning opportunity for the site,” added Gilbert.  “This site is highly attractive for a mix of local and national retailers that want to enter the market.” 

Shadowwood Square is located at the northeast corner of Glades Road and US Highway 441 in Boca Raton at the same intersection as several other dominant shopping centers with best-in-class retailers such as Publix, Home Depot, ABC Fine Wine, REI, Whole Foods (coming soon), The Fresh Market, and Dick’s Sporting Goods.  This intersection has been one of South Florida’s dominant retail intersections for decades.