Neighborhood Center, Minus a Theater Lease, Sold for $5.8 Mil

BOCA RATON, FL-Movie house lease or not, the 19-year-old, 52,750-sf shopping center here at 21060 St. Andrews Blvd. still went for a solid $110.96 per sf price. Compson St. Andrews Assocites paid River Woods of Tampa Ltd. $5.8 million for the 5.22-acre asset south of Glades Road. Bank Atlantic funded $5.4 million of the deal.

Muvico Entertainment canceled its theater lease at the Town Center Cinema prior to the sale. Besides the movie house, the center houses a bank office and two restaurants. The shopping center’s previous sales were $3.3 million or $62.56 per sf in 1983, two years after it opened; and $4.41 million or $83.60 per sf in 1993.