Urban Edge Properties bought a Publix-anchored Boca Raton retail plaza for $90.3 million in the property’s first trade in more than three decades.
Invesco sold the shopping plaza at 3003-3013 West Yamato Road for $632 per square foot, more than four times what it paid 33 years ago. The seller paid $20.6 million in 1993 for the Woodfield Plaza, also known as Regency Court, according to records.
New York-based Urban Edge, led by CEO Jeffrey S. Olson, mostly invests in retail centers, including grocery-anchored community shopping centers in the Northeast and select other markets. This is one of the company’s first significant South Florida investments.
The 142,900-square-foot shopping center was built in 1992 and 1993. Aside from Publix, tenants include a Walgreens pharmacy, Chase Bank and a TooJay’s restaurant. The 14.9-acre center is across the street from Spanish River Community High School, at the intersection of West Yamato and Jog Roads.
Lakeland-based Publix has spent over $100 million in cash buying shopping centers anchored by its stores in Miami-Dade County since last month. The grocery chain bought a plaza near the Miami airport for $83.3 million in September, followed by a $23.7 million acquisition near the Southland Mall last week.
Those transactions are part of a $409.8 million buying spree over the past two years that has increasingly made the grocery chain — Florida’s most valuable company — its own landlord.
Commercial deals in Boca had a median price of $2.4 million in the first quarter, slightly up from the previous quarter, according to TRD Data. That’s far higher than the county’s median of $850,000.
Atlanta-based Invesco sold a 64-story Houston office tower for $300 million this summer to Williams Companies. The sale marked a loss for Invesco, which had paid $412 million 15 years previously.
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