Less than a month after selling a Midtown Miami building anchored by Target, Site Centers offloaded a Boynton Beach shopping center.
An affiliate of Beachwood, Ohio-based Site Centers sold The Village Square at Golf for $31.1 million to an affiliate of New York-based DRA Advisors, records and real estate database Vizzda show. Anchored by kosher grocery store KC Market, the 135,133-square-foot center is at 11040 South Military Trail.
DRA, led by CEO David Luski, partially financed the purchase with a $23.6 million mortgage from Miami Lakes-based BankUnited.
The deal breaks down to $230 a square foot.
Kirk Olson and Drew Kristol with Marcus & Millichap brokered the deal, a press release states. Site Centers paid $18.5 million for the 10.3-acre site in 2002, records show.
Completed in 1983, Village Square at Golf is 93 percent occupied, the release states. Other tenants include Enterprise Rent-A-Car, Quest Diagnostics, a UPS Store, Boynton Quality Medical Center, and Anthony’s Ladies’ Apparel.
Last month, Site Centers also sold Shops at Midtown Miami, a 47,740-square-foot building with a garage at 3401 North Miami Avenue in Miami, for $83.7 million. New York-based Benderson Development bought the retail center, which is anchored by a Target store and features Marshalls, Ross Dress For Less, Party City, Homegoods and Dick’s Sporting Goods as other tenants.
In July, ShopOne Centers REIT acquired a Publix-anchored shopping center in Tamarac from Site Centers for $36.4 million.
Led by CEO David Lukes, Site Centers is actively wheeling and dealing across the nation. In the third quarter, the company sold 13 shopping centers for a combined $714 million, and bought six convenience stores for $111.2 million, recent filings with the U.S. Securities and Exchange Commission show. Site Centers also completed capitalizing spinoff Curblline Properties, a retail-focused Real Estate Investment Trust. In March, Curbline paid $55.9 million for another Midtown Miami retail plaza that Site Centers owned.
