The Commons at Royal Palm shopping center in Royal Palm Beach traded for $34 million.
Royal Center LLC, managed by Yoram Izhak as CEO of North Miami-based IMC Equity Group, sold the 165,064-square-foot retail center at 501, 573 and 561 N. State Road 7 to 511 SR7 Owner LLC, managed by John Blizzard of DJK Capital Management in Miami Beach. ConnectOne Bank provided a $24.38 million mortgage to the buyer. The pride equated to $206 a square foot.
It last sold for $23.7 million in 2016, so the property had a nice gain in value.
The shopping center was built on the 20.50-acre site in 2001. It’s a few blocks north of Southern Boulevard.
Tenants at the Commons at Royal Palm include PetSmart, Party City, Big Lots, Hobby Lobby, Starbucks, Davita, and Dollar Tree.
"In the past two years, we have been diversifying IMC’s portfolio to acquire multifamily properties and reduce the big-box retail exposure," said Carlos Segrera, chief investment officer of IMC. "We currently have about 1,000 units and plan to increase it by another 500 units this year. And despite the fact that retail is strong in South Florida, it is prudent for us to balance the asset class in our properties."
The local retail market has been performing well for investors as of late. According to the second quarter report from Colliers International, the vacancy rate for Palm Beach County retail space was 4%, down from 5.1% in the same quarter a year ago. The average asking rent increased to $27.74 a square foot, from $23.90 a square foot. However, the Royal Palm Beach/Wellington submarket had a higher vacancy rate at 6.9%.
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Total leaseable square footage
| Rank | Prior Rank | Mall / Prior (*Not ranked in 2021) / URL |
|---|---|---|
1 | 1 | Aventura Mall |
2 | 2 | Sawgrass Mills |
3 | 3 | Town Center at Boca Raton |
