A company tied to real estate developer James Batmasian bought a Publix-anchored shopping center in Boca Raton for $16 million.
Batmasian bought the 70,524-square-foot West Boca Plaza at 22973-23071 State Road 7 (US 441) in Boca Raton for $226 per square foot, records show. Sandalfoot Plaza Associates, which is managed by attorney Fred Fechheimer of Huntington Woods, Michigan, sold the property.
Avison Young’s David Duckworth, John K. Crotty, Michael T. Fay and Brian C. de La Fé represented the seller in the deal.
West Boca Plaza sits between a Bank of America-anchored office building and two-fully-occupied retail centers. The property is 95 percent occupied and has 700 feet of frontage on State Road 7, according to a release.
The retail center was built in 1987. In addition to Publix, tenants include Little Caesars, Cricket Wireless and 441 Animal Hospital.
James Batmasian is one of the largest commercial property owners in Boca Raton. Last year, Batmasian and his wife Marta became embattled in a controversy that led to former Boca Raton Mayor Susan Haynie’s suspension by the Florida Commission on Ethics. The Commission found that Haynie concealed her financial ties to the Batmasians while also voting on their projects.
Publix-anchored shopping centers are highly valued by real estate investors since the grocery store brings consistent traffic.
Over the past few years, Publix has been buying up retail centers to become its own landlord. The company owned 31.8 percent of its stores at the end of 2017 and is buying more than 30 stores a year, nationwide.