May 18, 2018
REIT buys Palm Beach Gardens shopping center from Menin Development for $88M
InvenTrust Properties Corp. just bought the PGA Plaza in Palm Beach Gardens for $88 million.
Property records show an affiliate of Menin Development sold the 121,000-square-foot shopping center at 2500, 2570 and 2658 PGA Boulevard. Craig Menin, CEO of the Delray Beach-based company, said the firm bought the 10-acre site in 2004 for about $17.5 million and began marketing it earlier this year with Eastdil Secured.
The plaza, built in 1975, underwent a $14 million renovation in 2015 that included upgrading its facade and landscaping. The renovations also allowed the developer to build a space for anchor tenants including Trader Joe’s. Other tenants include Marshalls, Ulta Beauty Anthony’s Coal Fired Pizza and Orangetheory Fitness.
InvenTrust bought the property 95 percent leased, according to a press release.
In 2011 the property was hit with a foreclosure lawsuit, but the developer transferred the property to a joint venture with institutional investor C-III Capital in exchange for paying $37.3 million in debt, which Menin said cleared the way for revamping the plaza.
InvenTrust, based in Oak Brook, Illinois, focuses on acquiring and managing open-air shopping centers. The real estate investment trust currently owns and manages about 80 retail properties totaling 14.2 million square feet.
Last year it paid about $163 million for two shopping centers in Pembroke Pines. The deal was one of the largest commercial sales in Broward County. It covered 95 acres on Pines Boulevard and Northwest 160th Avenue.