A Toronto-based buyer, Northbridge Investment Management, has paid $33.27 million for a retail outlet in Boca Raton. The 109,228 square foot property, The Shoppes at Boca Greens, traded for just under $305 per square foot. Located at 19625 S. State Road 7, the scheme is 88 percent leased with anchor including Edwin Watts Golf, Harmon Face Values, Lee’s Barbeque, Denny’s Kids and Pediatric Associates. The seller, New York-based Cohen Commercial Properties, paid $10.5 million in 2008 for the asset. CBRE’s Dennis Carson said that the West Boca Raton retail market is very strong. “This property serves an affluent, dense, and well established trade area characterized by its numerous planned communities and extremely healthy retail fundamentals. The property also offers significant income growth potential through a combination of contractual rent increases, below market rents and the lease up of recently vacated space, as well as an opportunity to improve the tenant mix over time.”
