August 21, 2019 — Avison Young’s Florida Capital Markets Group negotiated the $16 million sale of West Boca Plaza, a 70,524-square-foot Publix-anchored shopping center at 22973-23071 State Road 7 (US 441) in Boca Raton, Florida.
On behalf of seller Sandalfoot Investments, LLC, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami office; and Senior Associate Brian C. de La Fé facilitated the disposition to Investments Limited. West Boca Plaza sits between a Bank of America-anchored office building and two-fully-occupied retail centers which Avison Young recently sold to Investments Limited as well.
“Investor demand for core assets remains extremely strong,” said Duckworth. “This was a highly desirable asset offering 95 percent occupancy, long-term leases, great frontage, and a prestigious Boca Raton address.”
West Boca Plaza benefits from 700 feet of frontage on State Road 7, one of the area’s main retail nodes with vehicular traffic of 53,500 per day. According to research by Avison Young, the 6-million-square-foot West Boca Raton retail market, bordered by Interstate 95 to the east and State Road 7 to the west, has an overall vacancy rate of approximately 2 percent compared to Palm Beach County’s overall vacancy rate of 4.7 percent.
Including the West Boca Plaza sale, the Avison Young Florida Capital Markets Group has completed more than $70 million in transactions so far within the month of August 2019 alone.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.