Nuveen Real Estate Sells Publix-Anchored Shopping Center To Mount Vernon Company

JLL Capital Markets has completed the sale of Promenade Shopping Plaza, a 207,877-square-foot Publix-anchored neighborhood shopping center in Palm Beach Gardens, to The Mount Vernon Company of Boston.

The sales price was not disclosed.

The landmark transaction is the largest grocery-anchored shopping center sale in northern Palm Beach County in more than five years.

JLL represented the seller, Nuveen Real Estate, in the transaction. Promenade is the first major shopping center acquisition in South Florida for The Mount Vernon Company, a leading New England developer and owner with a 40-year track record.

“We clearly recognize the strength of the Palm Beach Gardens market, and we are excited to enhance the customer experience at Promenade Shopping Plaza,” said Bruce A. Percelay, Chairman of The Mount Vernon Company. “We are long-term holders who take pride in maintaining our properties to the highest possible standard, and Promenade will be no exception.”

Built in 1989 and featuring a completely rebuilt Publix prototype store that reopened in May 2025, Promenade Shopping Plaza sits on 22.81 acres along Alternate A1A and is strategically positioned between two major east-west arterials, PGA Boulevard and Northlake Boulevard, providing immediate access to Interstate 95 and Florida’s Turnpike. The property is 98% occupied. Anchored by the recently rebuilt Publix, Promenade also features Planet Fitness, Bealls Outlet, Goodwill and Ace Hardware, along with a diverse mix of professional services, food and beverage and medical tenants. The center also has a growing family-oriented focus, with fitness and activity concepts complemented by a Goldfish Swim School now under construction. The shopping center serves one of Palm Beach County’s most affluent trade areas, with average household income exceeding $146,000 within a three-mile radius and a population of more than 90,000.

The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Danny Finkle, Jorge Portela and Kim Flores.

“Demand for grocery-anchored shopping centers in this market is extremely high, and Mount Vernon was able to act decisively on this opportunity,” said Portela. “Promenade Shopping Plaza checked all the boxes: a brand-new Publix anchor, strong in-place cash flow with upside and outstanding demographics. Given the size of this center and the role it plays in serving this growing market, the long-term prospects for Promenade are outstanding.”

Key Facts

• Property: Promenade Shopping Plaza
• Location: Palm Beach Gardens, Florida
• Asset Type: Publix-anchored neighborhood shopping center
• Transaction Type: Sale
• Buyer: The Mount Vernon Company of Boston
• Seller: Nuveen Real Estate
• Size: 207,877 square feet on 22.81 acres
• Occupancy: 98%
• Brokers: JLL Capital Markets — Danny Finkle, Jorge Portela and Kim Flores
• Other Notable Details: Built in 1989; Publix completed a full rebuild of its store and reopened in May 2025. Other tenants include Planet Fitness, Bealls Outlet, Goodwill and Ace Hardware. Goldfish Swim School is under construction. JLL said the transaction was the largest grocery-anchored shopping center sale in northern Palm Beach County in more than five years.