PLAZA ADVISORS ANNOUNCES THE SALE OF PARADISE PLACE IN WEST PALM BEACH, FLORIDA
May 12, 2024
Plaza Advisors is pleased to announce the sale of Paradise Place, a grocery-anchored neighborhood shopping center in West Palm Beach, Florida. The Plaza Advisors team led by Jim Michalak and Jeff Berkezchuk represented the seller, Collett Capital. The buyer was Forge Capital Partners.
Paradise Place totals 72,961 square feet of retail space and is anchored by a strong performing Publix Supermarket. Built in 2003, the center was 98% occupied at the time of sale and is ideally situated on 8.49 acres between Interstate 95 and Florida’s Turnpike. Other notable tenants include Dunkin Donuts, Sage Dental and Goodwill.
“Investor demand for well-located grocery anchored shopping centers in Florida remains high,” Berkezchuk said. “Collett Capital managed the property exceptionally well and positioned it for long-term success. As a result, we were able to generate strong interest and select a well-qualified buyer for the asset.”
About Plaza Advisors
Plaza Advisors is a retail shopping center investment brokerage firm that specializes in the disposition of retail properties throughout the state of Florida. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks. For additional information, visit: www.plazadvisors.com
About Collett Capital
Collett Capital is a real estate private equity firm with over $700+ million in assets under management. The firm is focused on acquiring and developing well-located, income producing real estate assets with durable cash flows and upside potential. Through its real estate funds, the firm acts as a sponsor, operating partner and co-investor alongside its institutional and private capital partners.
About Forge Capital Partners
Forge Capital Partners, LLC is a private real estate investment firm focused on the ground-up development and re-development of grocery-anchored commercial retail real estate throughout the southeastern United States and Puerto Rico. Over the past 20 years, Forge and its affiliates have developed and/or acquired and operated over $1 billion of commercial real estate.
