IPA Brokers Grocery-Anchored Shopping Center Sale In Palm Beach County

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Village Square at Golf, a 135,133-square-foot grocery-anchored shopping center localed at 3775 Woolbright Rd in the Village of Golf, a municipality in Boynton Beach.

The property sold for $31 million.

“Anchored by KC Market, the largest kosher grocery supermarket in South Florida, Village Square at Golf provides new ownership with opportunities for upside through lease-up of inline spaces and spin off or lease-up of two vacant out-parcels with drive thrus,” said Kirk D. Olson, IPA senior director.

Olson and IPA’s Drew A. Kristol represented the seller, a publicly traded REIT, and procured the buyer, a private investment group based in South Florida.

“The shopping center is surrounded by golf courses and country clubs in a submarket with virtually no land available for retail development, as evidenced by the retail vacancy rate of just 2%,” said Kristol.

Village Square at Golf is located at the signalized corner of South Military Trail and Woolbright Road, which sees traffic counts of 56,000 vehicles per day. A newly constructed Publix-anchored Shoppes at Village of Golf shopping center and the Village of Golf Commerce Park, a 200,000-square-foot industrial/flex complex are across the street. The shopping center is easily accessible from the Florida Turnpike and State Road 7. Delray Beach and Lake Worth Beach are within a short drive.

Built in 1983 and renovated in 2012, Village Square at Golf was 93% occupied at the time of the sale by a tenant roster that includes Enterprise Rent-A-Car, Quest Diagnostics, a UPS Store, Boynton Quality Medical Center, and Anthony’s Ladies’ Apparel.