Search
 

North Beach Plaza Trades for $147 Per SF

PALM BEACH GARDENS, FL-A Birmingham, AL, firm paid $147 per sf for the 96,548-sf North Beach Plaza here. ROHO North Beach Ltd., a local partnership headed by Ross Realty Investments, was the seller. ROHO paid $8 million for the property six years ago.

By Melissa Bogdany | Updated on October 04, 2004

PALM BEACH GARDENS, FL-North Beach Plaza, a 96,548-sf neighborhood shopping center here, has been sold for $14.2 million cash. The price represents $147 per sf. A private real estate investment company from Birmingham, AL purchased the center from ROHO North Beach Ltd. a local partnership headed by Ross Realty Investments, based in Davie.The 20-year-old property drew a number of qualified offers, according to RJS Realty Group Inc. Steve Miskew, managing director, and Bob Sullivan, president of RJS Realty Group, represented ROHO in the transaction. RJS and Ross Realty were the only brokers in the deal. Tenants at the center, located at the northwest corner of US Highway One and Juno Road, include a 24,000-sf Sound Advice, the 10,150-sf West Marine and the 10,473-sf California Fine Arts, as well as Anthony’s Ladies Apparel, Blockbuster Video and Burger King.In June 1998, RJS Realty Group sold the center to ROHO for $8 million. ROHO refurbished the center and added Sound Advice as the anchor tenant.”North Beach is an exceptionally located center with a stable tenant base and historically very little vacancy,” Miskew says in a statement. “It is strategically situated in the midst of a very affluent trade area. It should prove to be a very sound investment. … This is just one more example of the hearty appetite buyers have for well-located neighborhood centers.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.