Investcorp sold two Florida retail centers–Plaza at Delray, located in Boca Raton, and Mission Bay Plaza, located in Delray Beach–in deals totaling 606,480 square feet.
Terms of the two transactions were not disclosed.
Plaza at Delray is a class A property originally built in 1979 as an enclosed mall. The property was significantly redeveloped in 1997/1998 into a modern, open-air retail center that now has 333,566 square feet within a 35.7-acre site. Investcorp originally acquired Plaza at Delray in August 2003. The center is anchored by five well-known tenants: Publix, Regal Cinemas, Linens ‘N Things, Marshall’s, and Staples. Other important tenants include Eckerd’s and Denny’s.
Mission Bay Plaza is a 272,914-square-foot, class A property located on 24.5 acres that Investcorp originally acquired in April 2003. The property was constructed in 1989 and is situated in western Boca Raton near major highway intersections. The four anchor tenants include Albertsons, Toys ‘R Us, LA Fitness and Office Max. The center’s strong outparcel tenants include Bank of America, Mobil Oil and Washington Mutual.
Cushman & Wakefield represented Investcorp in the sale of both assets.
Investcorp’s New York-based team of real estate professionals focuses on high-quality existing commercial, hotel and residential properties.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
