MIAMI-Boynton Town Center, anchored by SuperTarget, BestBuy and Michael’s, has traded for $59 million. Opened in late 2007, the 202,000-square-foot property is located on Congress Ave. across from the Boynton Beach Mall.

CBRE's Florida National Retail Investment Group exclusively represented the seller, an affiliate of the Sembler Company. Canada-based Morguard Investments Limited acquired the property.

"Boynton Town Center is a new, institutional quality retail property,” says Dennis Carson, senior vice president for CBRE's Florida National Retail Investment Group. “With no land remaining in the area, it represents the last shopping center that will be built in the regional retail market surrounding the Boynton Beach Mall. Its best-in-class line up of tenants serve one of the most densely populated, established trade areas in Southeast Florida.”

The shopping center is part of a larger development approved for 1,100 residential units. The residential land parcels were not included in the sale. The sale also excluded the SuperTarget building, but Total Wine, Carnival, Jos. A Banks, GameStop, Sweet Tomatoes, 5 Guys Burgers, Massage Envy and LensCrafters are also among the tenants.

“Boynton Town Center is a very well-situated property with substantial customer draw made possible by its very strong anchor tenancy,” Anthony Blanco, managing partner at Plaza Advisors, tells GlobeSt.com. “Morguard Investments has a well-diversified portfolio of commercial properties and clearly jumped at the opportunity to acquire an exceptional center such as Boynton Town Center, which in addition to its inherent positive attributes, was developed by one of the premier development companies in the Southeast. The property should continue to flourish well into the foreseeable future.”