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Delray Beach firm buys Shops at Verandah


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  • | 11:50 p.m. February 4, 2011
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  • Commercial Real Estate
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BUYER: 11821 Palm Beach LLC (principals: John Luetkemeyer Jr., Mark Schapiro and Michele Williams), Baltimore


SELLER: Shops at Verandah Ltd.


PROPERTY: 11821-11861 Palm Beach Blvd., Fort Myers


PRICE: $9.5 million


PREVIOUS PRICE: $3.71 million, December 2004


LAW FIRM ON DEED: Tew & Associates, New Port Richey


PLANS, DESCRIPTION: Delray Beach-based CR South purchased the 72,795-square-foot Shops at Verandah shopping center for $9.5 million.


The price equated to $131 per leasable square foot.


Anchored by a Publix, the five-year-old center features Beef 'O' Brady's, Pinch A Penny, Allstate and H&R Block. It also includes separately owned outparcels operated by Regions Bank, Exxon Mobil and Wachovia Bank. The center was 92% occupied at the time of the sale.


Jim Michalak, Anthony Blanco and Lenard Williams of Plaza Advisors represented the buyer, a joint venture group. The buyer paid cash.


“The asset is performing very well and is generating a stable income stream,” Michalak says. “It has a beautiful collection of good credit tenants. The rents were at market and sustainable.”

 

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