Blackstone Real Estate Advisors of New York has acquired the Southern Palm Crossing in Royal Palm Beach for $78.5 million. Completed in 2007, the 343,000 sqf retail center boasts national tenants Costco, Marshalls, SteinMart, Carraba’s, Outback Steakhouse, Starbucks and Jamba Juice. Trading for just under $230 per sqf, the 50 acre property was 97 percent leased at the time of the sale. CBRE’s National Retail Investment Group in Florida, led by Executive Vice Presidents Casey Rosen and Dennis Carson, exclusively represented the seller, Gertz Builders & Developers.
“Southern Palm Crossing is a Class A, institutional quality asset serving an affluent, established and growing trade area. The property was sold with existing CMBS debt, and the loan assumption process required great patience and perseverance by all parties involved,” commented CBRE’s Casey Rosen.
