PALM BEACH, FL—The Shoppes at Southern Palms is the latest high-profile retail asset to trade in South Florida. New York-based Garrison Investment Group acquired the 200,880-square-foot shopping center for $31.4 million from a joint venture between Panattoni Development Co. and a client advised by Invesco Real Estate.

CBRE’s National Retail Investment Group in Florida provided exclusive representation to the seller in the transaction. CBRE senior vice presidents Casey Rosen and Dennis Carson and first vice president Nikolas Kozy brokered the transaction. The asset is 86% occupied.

“This is a great example of the type of property that value-oriented investors are pursuing today—and that’s the nature of the group that bought this property,” Casey tells GlobeSt.com. “Stabilization of the asset is likely to result in a substantial increase in value.”