Perkins Realty Management has purchased two open-air shopping centers in Palm Beach County for a combined $9.1 million. The first purchase, Gables End Plaza, is a 18,311 square-foot retail and professional center located at 4895 Windward Passage Drive, in Boynton Beach. Built in 2000 and renovated in 2014, the plaza is nearly 100 percent occupied. The sale price was $4 million. Greg Matus, regional managing partner-South Florida, and retail investment associate Peter Crane, both of Franklin Street, and Tim Neal of Neal Realty & Investments represented the buyer, Perkins Realty in the transaction.
The second acquisition, The Shoppes of Delray, is a 23,094-square-foot, multi-tenant center located at 14400-14428 Military Trail and traded for $5.1 million. The center is nearly 90 percent occupied with key tenants such as: Radio Shack, Cucina Fra Divolo Restaurant, China Garden Restaurant and Atlantic Insurance.
David Donnellan of CBRE represented the seller, Boca Raton-based Pebb Enterprises. “The market for well-located, unanchored retail centers in in-fill locations is in very high demand,” said Donnellan, Senior Vice President with CBRE. “Shoppes of Delray is poised for long term stability and success due to its prime southern Palm Beach County location on Military Trail just north of Atlantic Avenue in western Delray Beach. The property will continue to benefit from a trade area population base that has been gradually trending from a predominantly senior citizen profile to a younger demographic.”
