Jupiter, FL-based Menin Development Cos. bought PGA Plaza, a 113,000-sf shopping center in Palm Beach Gardens, FL, for more than $18 million from W.G. Lassiter Jr. and Aneice Lassiter of South Florida. The Boca Raton, FL, office of AmSouth Bank provided the acquisition financing, led by Jeffrey I. Shulman.
PGA Plaza, located at PGA Boulevard and Prosperity Farms Road, is anchored by Marshalls, Pier 1, Eckerd, Washington Mutual and SunTrust Bank. With only about 1,950 sf available, the occupancy of the plaza is approximately 98.3% occupied.
Menin plans to spend approximately $4 million on a comprehensive cosmetic renovation, Craig Menin, president of Menin Development Cos., tells GlobeSt.com.
The "top-to-bottom" renovation, which is scheduled to begin this summer, will include an improved and expanded parking lot, new landscaping and a new facade--"just bringing the project up to the quality level we like to be associated with," Menin says.
In a separate project, Menin Development Cos. plans to start construction later this year on Downtown at the Gardens, a 335,000-sf mixed-use regional shopping center in Palm Beach Gardens. This project will consist of 100,000 sf of specialty retailers, a 34,000-sf Whole Foods Market, eight to ten sit-down restaurants, a 68,000-sf, 16-screen Cobb Theatre and 20,000 sf of class A office space. The project cost is approximately $120 million.
The center is about 50% leased overall, Menin says. Tenants were not disclosed at press time.
"What we're concentrating on are restaurants and retailers new to Palm Beach County, South Florida and, in some cases, Florida as a whole. So we're trying to make it a unique thing," Menin says. "Obviously, we will have some names people will recognize."
The developer received site plan and zoning change approvals for this project last month, Menin says. The project is scheduled to be completed in winter 2004-05. Last November, Menin closed on the 40-acre tract of land that will house this center.
In addition, Menin Development Cos. hopes to start building a 200,000-sf expansion to the Shoppes at St. Lucie West in Port St. Lucie, FL, by the end of the year, Menin says. In February, Menin Development Cos. acquired the Shoppes at St. Lucie West and an adjacent 18 acres for the expansion for $14.5 million. The existing center, anchored by Publix and Kmart, also totals 200,000 sf. The expansion is set to open in 2005.
Menin Development Cos. owns, operates and/or has under development about 2 million sf of commercial, retail and medical space in Florida, Virginia and Tennessee, including $350 million in South Florida retail development.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
