Barry Sternlicht’s Starwood Capital Group sold a Whole Foods-anchored shopping center in West Palm Beach for $133.2 million.
An affiliate of Atlanta-based Invesco purchased The Marketplace at the Outlets at 1821 Palm Beach Lakes Boulevard in West Palm Beach, records and real estate database Vizzda show, The buyer, led by CEO Andrew Schlossberg, also assumed a $79 million loan from Wilmington Trust and in care of SitusAMC.
The deal breaks down to $438 a square foot for the 303,776-square-foot retail complex. In addition to Whole Foods, other tenants include Nordstrom Rack, Marshalls, T.J. Maxx, Ulta Beauty, Ross Dress for Less and HomeGoods.
In 2022, Miami Beach-based Starwood paid $130 million for the 27.6-acre site, records show. Consisting of two buildings subdivided into big box spaces, The Marketplace at the Outlets was completed in 2014 and 2019.
South Florida’s retail market is experiencing a flurry of shopping center trades.
Last month, Columbia, South Carolina-based Edens dropped $51.2 million for a Davie shopping center that recently lost Office Depot as a major tenant.
In April, Raanan Katz’s Sunny Isles Beach-based RK Centers added a Publix-anchored shopping center in Miramar to its expansive retail portfolio. An RK affiliate paid $16.4 million for
Shoppes at Monarch Lakes.
The same month, Sunny Isles Beach-based SK Realty Management acquired Sawgrass Landing, a shopping center in Sunrise, for $30 million.
Gazit Horizons, the Miami-based U.S. arm of Israeli real estate firm Gazit Globe, jumped into the shopping center buying frenzy in March, paying $35.4 million for Galt Ocean Marketplace, a Winn-Dixie-anchored shopping center in Fort Lauderdale. Acadia Realty Trust, a Rye, New York-based firm, reentered the South Florida market after buying Pinewood Square, a Lake Worth Beach shopping center, for $68 million.
Outdoor shopping centers are driving South Florida’s retail market, which experienced an overall vacancy rate of 3.5 percent in the first quarter and the two previous quarters, a recent Colliers report shows.
