Royal Palm Beach, FL – April 22, 2016 – CBRE arranged the sale of the Commons at Royal Palm retail outparcel, an 8,340-square-foot, three-tenant retail center located at 551 N. State Road 7, Royal Palm Beach, Florida. Tenants include Sally Beauty Supply, Mattress1One, and Batteries+Bulbs. Royal Palm Beach Properties LLC purchased the property for $2,700,000. The sellers were Royal Palm Real Estate Investments LLC and Samuels 29 LLC, which hired CBRE to market the asset for sale and negotiate the transaction. The seller’s legal representative was Scott Elk, PA.
“The market for well-located, highly visible unanchored retail centers with strong national brand names continues to be robust and in high demand by investors,” said David J. Donnellan, Senior Vice President with CBRE. “We have recently seen some of the traditional single-tenant, net-leased investors that are searching for better yields acquire these smaller multi-tenant strip centers that have limited landlord management responsibilities.”
David Donnellan and Patricia Friend of CBRE managed the sale on behalf of the sellers. Based in Fort Lauderdale, they are part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.