A company tied to Preferred Apartment Communities bought the Publix-anchored Polo Grounds Mall near West Palm Beach for $20.5 million.
Atlanta-based Preferred purchased the 132,316-square-foot shopping center at 926 South Military Trail for $155 per square foot. The company secured a $13.3 million loan from Thrivent Financial for Lutherans to acquire the property, according to records.
Tampa-based Forge Capital Partners sold the mall.
Holliday Fenoglio Fowler’s Luis Castillo, Daniel Finkle and Eric Williams represented the seller. HFF’s Ed Coco, Matt Casey, Greg Gaughan, Maxx Carney and Libby Malloy represented the buyer in the deal.
Records show Forge Capital Partners bought the retail center in 2015 for $16.6 million.
The Polo Grounds Mall’s other tenants include the United States Postal Service and Bealls Outlet. The Publix store was renovated in 2007, according to HFF.
The property sits on 15.9 acres and is near the Trump International Golf Club and Palm Beach International Airport. Polo Grounds Mall was constructed in 1966.
Preferred Apartment Communities owns a number of properties in Florida, including BJ’s Wholesale Club-anchored Shoppes of Parkland at 5901 West Hillsboro Boulevard.
Close to Polo Grounds Mall, AD1 Global recently paid $20 million for the Holiday Inn Palm Beach-Airport Conference Center Hotel at 1301 Belvedere Road.