Edens bought the Shadowood Square shopping plaza near Boca Raton for $88.4 million, marking one of the few South Florida retail property sales this year amid expensive financing.
Edens bought the roughly 261,000-square-foot plaza at 9789 Glades Road in unincorporated Palm Beach County, according to records and real estate database Vizzda. The seller is a partnership led by longtime South Florida real estate investor Evelyn Langlieb Greer, an attorney and former mayor of Pinecrest. She declined to disclose her partners, only saying they are friends and family. Greer is married to Bruce Greer, also an attorney, and their son is Matthew Greer.
Mark Gilbert and Adam Feinstein of Cushman & Wakefield represented the sellers. Coral Gables-based Terranova Corporation, led by Stephen Bittel, managed and leased the property on behalf of the sellers.
Shadowood consists of 11 buildings developed in 1982, 1987, 1992, 2005 and 2015 across 29 acres, according to Vizzda.
It is 70 percent occupied, Greer told The Real Deal. Tenants include Sprouts Farmers Market, which is expected to open this week as the anchor at Shadowood, and Carter’s children’s clothing store, which will also open soon, she said.
Greer and her partners paid $15.2 million for Shadowood in 1994, she said.
In a news release about the purchase, Edens said it plans to redevelop Shadowood, saying it plans on “revitalizing and transforming this corner of West Boca.”
The firm declined to share details about the plan, yet it’s likely that Shadowood will remain a shopping plaza because Edens focuses on retail real estate.
Founded in 1966 by Joe Edens, the firm is now led by CEO Jodie McLean, its website says. Edens lists regional headquarters in Boston and Dallas, as well as Columbia, South Carolina and Washington, D.C.
Edens owns 11 retail properties in South Florida, according to its release. In 2016, Edens paid $40.5 million for the Lakeside Centre at 8180 Glades Road in unincorporated Palm Beach County, records show. Edens revamped Lakeside, the company’s release says.
Its other properties include the Fifth & Alton shopping center at 1100 Sixth Street in Miami Beach, and River Market at 1996-2448 North Federal Highway in Fort Lauderdale.
The Federal Reserve’s interest rate hikes since last year have created a near dry spell for South Florida retail investment sales.
Still, a few deals closed this year. In July, rapper Flo Rida and his business manager, Lee “Freezy” Prince, paid $10 million for the Cloverleaf Plaza at 18130, 18138, 18164 and 18230 Northwest Second Avenue, as well as 230 Northwest 183rd Street, in Miami Gardens. This month, Dream Motor Group paid $100 million for two Mercedes-Benz dealerships at 10701 Southwest 211th Street in Cutler Bay and at 310 Sevilla Avenue in Coral Gables.
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