Boca Shopping Center Sold for $11M

By: CRA News Service

The Addison Court Shoppes has been sold to a New York investor, the Boca Raton Tribune has learned.

LJB2 LLC, an affiliate of Great Neck, N.Y.-based 246-248 Tenth Realty, paid $11.08 million or $531 per square foot for the property at 17940 and 17960 S. Military Trail.

The 16,860-square-foot shopping center is just north of the intersection of Clint Moore Rd and Military Trail.

“Healthy economic growth and improving retail market conditions continue to attract out-of-state and cross-border investors to Palm Beach County,” Douglas K. Mandel of Marcus & Millichap, said in a news release. “The resulting increase in competition is most pronounced for deals in affluent areas like Boca Raton.”

Marcus & Millichap represented the seller, Boca Raton-based HZ Addison Court.

David Remland, principal of Boca Raton based Atlantic Commercial Group, Inc., said this class “A” location was a prime target for the buyers.

“The shopping center was not on the market at the time of sale,” Remland said. “There continues to be an insatiable demand for well-located properties with long term creditworthy tenants.”

The tenants include a 4,000-square-foot Bank of America, Starbucks, Key Grille and Offerdahl’s.  The center, which was developed in 1998, was sold for $9,100 in 2007.