Stockbridge Capital Group, based in San Francisco has purchased a newly-built power center located on State Road 7 in suburban Palm Beach County. The 91,000 square-foot center, Buckingham Plaza, was 100 percent leased at the time of the sale and anchored by national tenants TJMaxx, Michaels, Shoe Carnival and Tuesday Morning. Selling for $28.6 million, the asset on Pioneer Road in Royal Palm Beach traded for just over $314 per square foot. CBRE’s National Retail Investment Group in Florida, led by Executive Vice Presidents Casey Rosen and Dennis Carson, represented the seller, an affiliate of PEBB Enterprises, based in Boca Raton, FL.
“Buckingham Plaza is a new power center located within the premier retail concentration in a dense, high-growth and affluent trade area,” said Casey Rosen. “CBRE was able to arrange the transaction while the property was under construction, with closing occurring after most of the property’s anchors had opened.”
