Four years after a Publish– anchored mall sold in bankruptcy, the property traded again with an impressive price hike.
german heavyweight Real Estate Investment Union paid $ 79.5 million for The fountains of Boynton Shopping Plaza, the property records show.
In addition to Publix, tenants at the 185,372 square foot mall include LA Fitness, Duffy’s Sports Grill, Mcdonalds and MD Now Emergency Care. The property is located at the intersection of Boynton Beach Boulevard and Jogging route, less than two miles from the Florida Turnpike.
The seller, based in New York DRA Advisors, bought the mall for $ 47.3 million in a 2017 Connecticut bankruptcy laws auction after previous owners defaulted on their loan, the South Florida Business Journal reported.
Union Investment, a global real estate investment firm headquartered in Hamburg, Germany, owns 440 properties and developments worth approximately $ 44 billion, with $ 55 billion under management as of June 2021, according to the company.
Representatives for the company did not immediately respond to a request for comment.
Shopping malls anchored in supermarkets have become a popular asset class among investors, even as consumers flocked to grocery delivery services during the pandemic.
Kimco Real Estate Company. and black stone paid $ 425.8 million for a portfolio of six shopping centers, also anchored by Publix, in October, including five located in South Florida.
Julia Echikson can be reached at [email protected].