PBC shopping plaza sells for $24M after 28 years
Buyer assumed a $13M loan as part of deal
December 03, 2015 03:00PMBy Sean Stewart-Muniz
The Crosstown Plaza shopping strip in unincorporated Palm Beach County
A Palm Beach County shopping plaza was just sold for $24.3 million, marking its first resale since the strip was built 28 years ago.
Crosstown Plaza is a 130,000-square-foot retail strip located at 2895 North Military Trail, just outside of incorporated West Palm Beach near Keiser University.
The plaza was built in 1987 and is anchored by a Publix supermarket. Until this week, it was owned by an affiliate of Brock Development, a real estate firm based in Palm Beach Gardens. The firm is headed by principals Andrew and Peter Brock.
Brock Development sold the shopping strip and all four of its outparcels, which together measure about 15,467 square feet, for about $169 per square foot.
The buyer is West Palm Realty Associates, a Delaware company managed by attorney Myron D. Vogel of Melville, New York.
As part of the deal, West Palm Realty took on an existing $13 million loan from Berkadia Commercial Mortgage, according to records.
Source: The Real Deal