Stiles Realty and BBX Capital Close Sale on Quantum Village Shopping Center in Boynton Beach
Posted on 6/12/2013Stiles Realty and BBX Capital announced today the sale of BBX Capital's Quantum Village, a 93,144-square foot Publix-anchored retail shopping center located at 1005 West Gateway Boulevard in Boynton Beach. Fort Lauderdale-based Stiles Realty, represented BBX Capital. The transaction represented the sale of the leasehold interest only, with a 33-year term.
Stiles Realty Broker Associate Kimberly Barbar and Vice President of Retail Leasing Ryan Karlin were involved in the property's sale to Illinois-based RMS Properties, LLC.
"While Quantum Village is a quality asset with frontage on Boynton Beach's main thoroughfare, the sale was particularly complicated due to the nature of the land lease," said Barbar. "We marketed the property to local well capitalized buyers with whom we have very strong relationships."
Quantum Village is situated on a more than ten acres along Gateway Boulevard with easy access from Interstate-95. This neighborhood center developed in 2007 features a 45,600-square foot Publix Super Market and 47,544 square feet of inline space, as well as a potential outparcel of 3,500 square feet. The Property is currently 71 percent leased to various national and local tenants, including CrossFit, Fire House Subs, The UPS Store, Allstate, Supercuts, Tropical Smoothie, Between the Bun, and Pro Health, among others.
"This transaction is another example of the progress we continue to make towards effectively monetizing our legacy real estate portfolio with the goal of allocating capital to support our core business growth," commented Seth Wise, President of BBX Capital Asset Management. "This sale also reflects Stiles' dedication to quality work as well as our combined abilities to maximize even the most complicated investment structures."
According to Karlin, the asset's location, strong retail sales and potential development opportunity made it an appealing investment for buyer RMS. "They outbid three strong competitors," he added.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 38 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. **For leasing information, please contact Stiles Realty at 954-627-9400.
About BBX Capital Corporation
BBX Capital (NYSE: BBX), formerly known as BankAtlantic Bancorp, is involved in the ownership, financing and management of real estate and real estate related assets and operating businesses. In addition to its 46% ownership interest in Bluegreen Corporation (a vacation ownership company with 170,000 owners and over 61 owned or managed resorts), the business of BBX Capital involves real estate ownership, direct acquisition and joint venture equity in real estate, as well as the pursuit of specialty finance and investments in middle market operating businesses. For more information, visit www.BBXCapital.com