Institutional Property Advisors Brokers Grocery-Anchored Shopping Center Sale in Palm Beach County Florida
September 30, 2024
BOYNTON BEACH, Fla., Sept. 30, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Village Square at Golf, a 135,133-square-foot grocery-anchored shopping center in the Village of Golf, a municipality in Boynton Beach, Florida. The property sold for $31 million.
“Anchored by KC Market, the largest kosher grocery supermarket in South Florida, Village Square at Golf provides new ownership with opportunities for upside through lease-up of inline spaces and spin off or lease-up of two vacant out-parcels with drive thrus,” said Kirk D. Olson, IPA senior director. Olson and IPA’s Drew A. Kristol represented the seller, a publicly traded REIT, and procured the buyer, a private investment group based in South Florida. “The shopping center is surrounded by golf courses and country clubs in a submarket with virtually no land available for retail development, as evidenced by the retail vacancy rate of just 2%,” said Kristol.
Village Square at Golf is located at the signalized corner of South Military Trail and Woolbright Road, which sees traffic counts of 56,000 vehicles per day. A newly constructed Publix-anchored Shoppes at Village of Golf shopping center and the Village of Golf Commerce Park, a 200,000-square-foot industrial/flex complex are across the street. The shopping center is easily accessible from the Florida Turnpike and State Road 7. Delray Beach and Lake Worth Beach are within a short drive.
Built in 1983 and renovated in 2012, Village Square at Golf was 93% occupied at the time of the sale by a tenant roster that includes Enterprise Rent-A-Car, Quest Diagnostics, a UPS Store, Boynton Quality Medical Center, and Anthony’s Ladies’ Apparel.
“Anchored by KC Market, the largest kosher grocery supermarket in South Florida, Village Square at Golf provides new ownership with opportunities for upside through lease-up of inline spaces and spin off or lease-up of two vacant out-parcels with drive thrus,” said Kirk D. Olson, IPA senior director. Olson and IPA’s Drew A. Kristol represented the seller, a publicly traded REIT, and procured the buyer, a private investment group based in South Florida. “The shopping center is surrounded by golf courses and country clubs in a submarket with virtually no land available for retail development, as evidenced by the retail vacancy rate of just 2%,” said Kristol.
Village Square at Golf is located at the signalized corner of South Military Trail and Woolbright Road, which sees traffic counts of 56,000 vehicles per day. A newly constructed Publix-anchored Shoppes at Village of Golf shopping center and the Village of Golf Commerce Park, a 200,000-square-foot industrial/flex complex are across the street. The shopping center is easily accessible from the Florida Turnpike and State Road 7. Delray Beach and Lake Worth Beach are within a short drive.
Built in 1983 and renovated in 2012, Village Square at Golf was 93% occupied at the time of the sale by a tenant roster that includes Enterprise Rent-A-Car, Quest Diagnostics, a UPS Store, Boynton Quality Medical Center, and Anthony’s Ladies’ Apparel.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.