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.
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