Despite doomsday predictions about retail, and national stores like Toys R’ Us declaring bankruptcy, retail in South Florida appears to be alive and well.
Institutional investors and real estate investment trusts continue to acquire retail centers across the region.
Here are the largest retail sales of 2019:
InvenTrust picks up Costco-anchored shopping center for $97M. In the largest deal of the year, Blackstone Group sold a Costco-anchored shopping center in Royal Palm Beach for nearly $97 million.
InvenTrust Properties Corp. affiliate IVT Southern Royal Palm Beach 1031 LLC paid $96.75 million for the center, Southern Palm Crossing. The 346,200-square-foot retail plaza at 11001 Southern Boulevard was built in 2006.
Publix goes shopping, buys Doral retail center for $70M. Publix Super Markets paid $70 million, or about 10 million Pub Subs, for a shopping center anchored by the grocery store in Doral. The Lakeland, Florida-based grocer bought three properties totaling 128,255-square-feet at 9755 Northwest 41st Street for $545 per square foot, records show.
Publix bought the retail center, Doral Plaza Shopping Center, from Chicago-based ShopCore Properties.
Homestead shopping center sells for $62M. A partnership between CREC Capital, MMG Equity Partners and Highline Real Estate Capital paid $62.2 million for one of the largest shopping centers in south Miami-Dade County. The buyers bought the 302,346-square-foot Homestead Pavilion at 2400 Northeast 10th Court from RVT Homestead Pavilion, which is tied to Beachwood, Ohio-based SITE Centers Corp, records show.
Carlyle Management pays $50M for Boynton shopping center
Carlyle Management paid $50 million for a retail center in Boynton Beach.
InvenTrust Properties Corp, a Chicago-based REIT, sold the 22.8-acre property at 333 North Congress Avenue to Carlyle Management, which is based in Katonah, New York, according to property records. Tenants include PetSmart, Party City, Bed Bath & Beyond, and Barnes & Noble.
Mast Capital buys The Quay shopping center in Fort Lauderdale for $43M. Mast Capital paid $43 million for The Quay, a waterfront mixed-use shopping center in Fort Lauderdale, marking the Miami developer’s first big investment in Fort Lauderdale.
The company purchased the 73,000-square-foot shopping center at 1515 Southeast 17th Street for $589 per square foot. The property is currently 100 percent leased, with tenants including Boatyard restaurant, United States Postal Services, and Chipotle. The 6.97-acre site also includes a marina and a two-story office building.
SOURCE: TRD analysis of brokerage data, as provided by Colliers International, news clippings and market reports.