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GlobeSt.com EXCLUSIVE: The Shoppes of Parkland Sells for $20M

MIAMI-An offshore investment trust, controlled and exclusively represented by Penn Florida Realty Corp., purchased the 100%-occupied, 145,652-sf neighborhood shopping center in Parkland, FL from developer The Goodman Co. for about $137.31 per sf.

By Melissa Bogdany | Updated on April 28, 2003

MIAMI-The Shoppes of Parkland, a new, 145,652-sf neighborhood shopping center in Parkland, FL has been sold for $20 million, or approximately $137.31 per sf. The deal closed April 24.

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.

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