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Site Centers Corp. (NYSE: SITC) sold the Northlake Commons shopping center in Palm Beach Gardens for $21.1 million, making it the final piece of a portfolio deal to change hands in South Florida.
DDRM Northlake Commons LLC, a subsidiary of Beachwood, Ohio-based Site Center, sold the 123,039-square-foot retail plaza at 3866 and 3880 Northlake Blvd. to SUSO 5 Northlake LP, in care of Slate Asset Management in Chicago. The price worked out to $171 a square foot.
The property actually changed hands in July, but the deed was recorded for only $100 in consideration. A new deed was recently filed to reflect the full consideration of the deal.
Northlake Commons last traded for $24.32 million in 2003, so it sold for a discount.
It was built on the 17.9-acre site just east of Interstate 95 in 1987. Tenants include Ross Dress for Less, Joann Fabric and Crafts, Jimmy John’s, Five Below, Sport Clips, Aladdin Mediterranean Grill, and Starbucks.
It’s next to a Home Depot.
This was part of a portfolio of 13 shopping centers CBRE brokered on behalf of Site Centers to the same buyer. Seven of them are in Florida, with four of them in South Florida. The first deal to be recorded was for Flamingo Falls in Pembroke Pines, followed by River Run Shopping Center in Miramar and Sheridan Square in Dania Beach.
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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 |
