Delray Beach firm buys Shops at Verandah

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.”