Publix-anchored retail center in Palm Beach County sells for $32M
Gary M. Broidis
President at Atlantic Commercial Group, Inc./Licensed Commercial Real Estate Broker/Investor and Expert Witness
The Publix-anchored Villages of Oriole Plaza in west Delray Beach sold for $31.75 million.
RLV Oriole Plaza, an affiliate of New York-based Clarion Partners, sold the 161,916-square-foot retail center at 7215, 7231, 7375 and 7385 W. Atlantic Ave. to Atlantic Avenue Realty Associates, managed by Myron D. Vogel in Boca Raton. Weston-based Florida Community Bank (NYSE: FCB) provided a $20 million loan to the buyer.
The price equated to $196 a square foot.
The Villages of Oriole Plaza last traded for $23 million in 2005. It was built on the 24.3-acre site in 1981.
In addition to Publix, tenants there include Bank of America, Wells Fargo Bank, Dunkin' Donuts, Dollar Tree and Movies of Delray. It’s near the Villages of Oriole senior community.
Source: South Florida Business Journal