West Palm Shopping Center Trades For $78.5 Million

Gertz Builders & Developers, Inc. sold the Southern Palm Crossing Shopping Center at 11001 Southern Blvd. in West Palm Beach to The Blackstone Group LP for $78.5 million, or about $231 per square foot.
The Costco-anchored shopping center was 97 percent occupied at the time of sale.
Built in 2007, the 340,000-square-foot shopping center is located in the Royal Palm Beach and Wellington submarket of Palm Beach County. Tenants include HomeGoods, Marshalls, Rita’s Italian Ice and Outback Steakhouse.
Casey Rosen and Dennis Carson of CBRE represented the seller. The buyer handled the sale in-house.
 
Source:  CoStar

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