June 14, 2024


Trailblazing shopping quality

Ferreira Family Pays $36M for North Palm Beach Retail Plaza

Shoppes at City Centre at 11201-11261 U.S. Highway 1 in North Palm Beach (Marcus & Millichap)

Updated, June 7, 5:05 p.m.: Shoppes at Metropolis Centre at 11201-11261 U.S. Freeway 1 in North Palm Seaside (Marcus & Millichap)

Traders tied to the Ferreira design and utility businesses scooped up the Shoppes at Metropolis Centre retail plaza in North Palm Beach for $36 million.

Brothers Antonio and Nelson Ferreira, via an affiliate, acquired the home at 11201-11261 U.S. Highway 1 from an entity tied to Martin and Irving Osher, in accordance to the broker’s release and state company documents.

Douglas Mandel and Tyler Kuhlman led the Marcus & Millichap workforce that represented the vendor and the customer.

Created in 1999, the 98,846-sq.-foot searching center spans a few buildings on 10.6 acres, according to the launch and house information. The Oshers, via their affiliate, had compensated $19 million for the plaza in 2015, a deed displays.

The Shoppes at Metropolis Centre is 96.8 p.c leased, with anchors West Maritime and Doris Italian Sector & Bakery, the launch says. Other tenants include things like Carrabba’s Italian Grill, Sherwin Williams, UPS Store, Dollar Tree and Zoo Wellbeing Club.

Nelson Ferreira is CEO of a group of corporations that emphasis on construction and utility companies, according to Ferreira Construction’s web-site. Most carry the Ferreira title and are centered in Branchburg, New Jersey. The loved ones of corporations features Vanguard Vitality Associates, a solar projects company, and American Pile, a pile driving and drilling contractor.

The Ferreira brothers also have been investing in Palm Seaside County retail. In 2018, an entity led by Antonio and Nelson Ferreira, as perfectly as by Kevin Kruse, paid out $7.1 million for Tequesta Manner Shopping mall at 150 North U.S. Highway 1 in Tequesta. Data display they still own the plaza.

Also in North Palm Beach, American Professional Realty purchased Crystal Cove Commons, which consists of a four-tale place of work constructing and adjacent floor-floor retail, at 1201 U.S. Highway 1 for $36.2 million in November. Seller Black Lion Investment Group had shown the home in 2020 for $44.8 million, which means the sale shut at approximately $9 million fewer than the asking rate.

North Palm Beach, a municipality in the northeast aspect of Palm Seaside County, also has a nutritious inventory of mansions that have captivated large-profile consumers, such as timeshare mogul David Siegel and his spouse, Jackie, who is known as the “Queen of Versailles” and LoanDepot founder and CEO Anthony Hsieh.

The South Florida retail industry has been rebounding from a pandemic-induced slump. In the to start with quarter, Palm Beach County’s vacancy fee fell a proportion place, calendar year-about-calendar year, to 4.3 %, in accordance to a Colliers report. Asking rents rose to $27.26 for each sq. foot from $23.69 for every sq. foot in the 1st quarter of last calendar year.

In other Palm Seaside County bargains, Emerald Empire previous thirty day period paid out $25 million for The Shops at Boca Grove at 21077 Powerline Street near Boca Raton. The offer came on the heels of Richard Yager Jr. and Jeffrey Yager’s YFP having to pay $9.5 million for the Wawa-leased outparcel at 6405 West Boynton Seaside Boulevard, which is aspect of their Mainstreet at Boynton combined-use job.