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Continental Realty Corp. acquires Fla. retail center for $11.3M

Constructed in 2004, The Shoppes at Sherbrooke has a tenant mix of six national and local retailers offering fitness products, medical, consumer and veterinary services and a fast-casual dining option for the local community. The approximate 8-acre site includes a nearly 1-acre undeveloped land parcel that represents an opportunity to create additional GLA. (Photo courtesy of Continental Realty Corp.)

Constructed in 2004, The Shoppes at Sherbrooke in Palm Beach County, Florida has a tenant mix of six national and local retailers offering fitness products, medical, consumer and veterinary services and a fast-casual dining option for the local community. The approximate 8-acre site includes a nearly 1-acre undeveloped land parcel that represents an opportunity to create additional GLA. (Photo courtesy of Continental Realty Corp.)

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, Wednesday announced the acquisition of The Shoppes at Sherbrooke, a 57,901-square-foot neighborhood shopping center in Palm Beach County, Florida, for $11.3 million.

Located less than 15 miles from downtown West Palm Beach and anchored by LA Fitness, the shopping center is the 17th asset owned and managed by CRC in Florida. The seller was represented by Kirk Olson and Drew Kristol of Marcus & Millichap in Miami.

The asset was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the mid-Atlantic and Southeast regions. This represents the seventh retail property and ninth asset acquired by the fund, following last year’s acquisition of Mount Pleasant Towne Centre, a 510,000-square-foot, open-air regional shopping venue in South Carolina.

Constructed in 2004, The Shoppes at Sherbrooke has a tenant mix of six national and local retailers offering fitness products, medical, consumer and veterinary services and a fast-casual dining option for the local community. The approximate 8-acre site includes a nearly 1-acre undeveloped land parcel that represents an opportunity to create additional GLA.

More than 66,000 consumers reside within a 3-mile radius of The Shoppes at Sherbrooke, including approximately 15,000 households with an average household income exceeding $107,000. The local population has expanded by more than 10% since 2010 and household incomes are projected to grow by nearly 12% over the next five years. Additionally, the asset is surrounded by high-end residential golf communities and more than 1,000 homes are in the development pipeline in the immediate service area, including Gulfstream Gardens.

CRC intends to complete a number of exterior upgrades and enhancements to The Shoppes at Sherbrooke in the near future, and plans to evaluate options for the development and leasing of the outparcel.


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