The buyer was an offshore investment trust controlled and exclusively represented by Boca Raton, FL-based Penn Florida Realty Corp., of which John Lawrence is president. The Goodman Co. of West Palm Beach, FL, which developed the property, was the seller.

The property sold at an 8% cap rate, "which is a very attractive cap rate in today's market," Ted Gibbons of Investment Realty Advisors Inc. in Bellevue, WA, tells GlobeSt.com.

The center is located at or 5901 W. Hillsboro Blvd., at the northwest corner of State Route 441 and Hillsboro (SR 7), just south of Boca Raton in Broward County. The center, situated on 20.7 acres of land, was 100% leased at the time of the closing. BJ's Wholesale Club, which signed a 20-year lease, is the main tenant. BJ's occupies 75% of the center's building area and brings in 58% of the income of the center.