Wellington, FL – January 20, 2012 – (RealEstateRama) — CBRE announced today the sale of Shoppes at Southern Palms, a 200,889-square-foot shopping center located on Southern Boulevard in Palm Beach County, Florida to New York-based Garrison Investment Group. Garrison acquired the property for $31.4 million from a joint venture between Panattoni Development Company and a client advised by Invesco Real Estate. CBRE’s National Retail Investment Group in Florida provided exclusive representation to the seller in the transaction.
Shoppes at Southern Palms is located on the north side of Southern Boulevard between Florida’s Turnpike and U.S. Highway 441 in the west central portion of developed Palm Beach County. The property serves the communities of Royal Palm Beach, Wellington, Loxahatchee, Green Acres and West Palm Beach and is the newest major shopping center within the regional retail concentration centered around the Mall at Wellington Green.
The property opened in 2009 and is anchored by a 92,396-sq.-ft. Kohl’s department store and a two-story, 80,000-sq.-ft Dick’s sporting goods store. The balance of the property consists of 28,493-sq.-ft of available non-anchor space plus three vacant pad sites that can accommodate 31,464 sq. ft. of additional gross leasable area.
“Garrison was interested in high quality real estate and a property with value creation potential,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “Shoppes at Southern Palms is a Class A community shopping center with dominant anchors and significant upside in the form of leasable in-line space and available out-parcels. Stabilization of the asset is likely to result in a substantial increase in value.”
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 Panattoni Development Company
Panattoni is one of the largest commercial development companies in the world and has developed industrial, office and retail projects in more than 240 cities throughout the United States, Canada and Europe. Panattoni has expanded and enhanced relationships with tenants, brokers and investors across all sectors of the commercial real estate market. Since inception, the firm has completed in excess of 150 million square feet of institutional grade commercial projects worldwide. Panattoni is privately held and was founded in 1986 by Carl Panattoni. The firm has been particularly active in the area of build-to-suits, completing more than 56 million square feet of space for many of the worlds leading corporations. The development team includes highly experienced local partners with local knowledge and relationships who can make quick decisions and stand by those decisions. A key to the company’s success is the strong and valued relationships with the real estate brokerage community.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $43.7 billion of real estate investments, which includes $15.4 billion in U.S. direct real estate portfolios, $10.5 billion in non-US direct real estate and $17.8 billion in real estate securities (as of September 30, 2011). Invesco Real Estate has more than 320 employees in 16 offices through the U.S., Europe and Asia. The group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance. Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.
About CBRE Group, Inc.
CBRE 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. CBRE 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
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
