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Del Mar Village Sells for Nearly $42M

BOCA RATON, FL-The 153,595-sf grocery center is Federated Realty's first South Florida acquisition.

By Carl Cronan | Updated on June 02, 2008

(Carl Cronan is editor of Real EstateFlorida.)

BOCA RATON, FL-Federal Realty Investment Trust has acquired Del Mar Village, a 153,595-sf neighborhood shopping center anchored by a Winn-Dixie supermarket, from Woolbright Development for $41.7 million, or $272 per sf. The cash deal is the first purchase in South Florida by Rockville, MD-based Federated Realty.

The acquisition of Del Mar Village, which also features a CVS pharmacy and Sweet Tomatoes restaurant, reflects Federal Realty’s strategy of purchasing assets in Palm Beach, Broward and Miami-Dade Counties. The REIT cites the contiguous counties’ high population density and affluence as strong attractions.

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