Boca Raton, FL – September 13, 2011 – (RealEstateRama) — CB Richard Ellis (CBRE) announced today the sale of Palms Plaza, a 68,976-square-foot shopping center located in the heart of Boca Raton, to North American Development Group (NADG). Toronto/Florida-based NADG acquired the property for $18.5 million from Bell Partners Inc, a real estate firm based in Greensboro, NC. CBRE’s National Retail Investment Group in Florida provided exclusive representation to Bell Partners in the transaction.
Located 22191 Powerline Road in Boca Raton, Florida, Palms Plaza is immediately south of the intersection of Palmetto Park and Powerline roads and serves the surrounding affluent communities. The in-fill neighborhood shopping center is anchored by a high-end specialty supermarket, Party City, Chase Bank and a free-standing Olive Garden. At time of closing, Palms Plaza was 92.3% occupied.
“NADG was interested in established, high quality real estate and a property with growth potential,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “Palms Plaza has an excellent in-fill location and a long history of successful operations. The property benefits from nearby offices and cross-shopping customers visiting the adjacent Garden Shops at which Publix recently expanded.”
The CBRE National Retail Investment Group is a team of senior Capital Markets professionals that specialize in the sale, debt and equity finance, and recapitalization of retail properties throughout the United States. In Florida, the NRIG team is based in the Miami office and includes Senior Vice Presidents, Casey Rosen and Dennis Carson and First Vice President Nikolas Kozy.
About Bell Partners
Founded in 1976, Bell Partners Inc. (“Bell Partners” or “Bell”) is a private real estate company focused primarily on the acquisition and management of high quality apartment communities located in the Mid-Atlantic, Southeast and Southwest United States. Per the National Multi-Housing Council, Bell Partners is the 10th largest apartment operator in the United States, with a management portfolio of approximately 60,000 homes. Since 2000, the company has completed over $7 billion of transaction volume. Bell Partners is headquartered in Greensboro, NC, and has 11 other regional offices. The company is a fully-integrated real estate enterprise with expertise in acquisitions and dispositions, financing, property operations and all related support functions.
About North American Development Group
North American Development Group is one of North America’s leading vertically integrated enterprises focusing exclusively in the shopping center segment of the real estate industry. In its cumulative business history, North American Development Group (“NADG”) has been active in the development, acquisition, redevelopment and management of over 200 shopping centers comprising well in excess of 25 million square feet of GLA with an enterprise value of over $3 billion. Since the end of 2009 NADG has acquired 21 retail properties comprising over 2.8 million square feet of existing or to be developed space. NADG has 11 offices across North America, consisting of 7 in the United States and 4 in Canada, and a team of over 120 seasoned real estate professionals. In the U.S., NADG’s head office is in West Palm Beach, Florida with regional offices in Los Angeles, Phoenix, Denver, Dallas, Nashville and Atlanta. In Canada, the Company’s head office is in Toronto, with regional offices in Edmonton, Montreal and Halifax.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
813.273.8482
lauren.crawford (at) cbre (dot) com
