WEST PALM BEACH, FL — Avison Young is pleased to announce the sale of Abbey Park Retail Center for $2.15 million, marking the eighth sales transaction the South Florida offices have facilitated within the past two months for a total of $43.5 million.
The sale of Abbey Park Retail Center, a new 16,900 square foot strip plaza located at 5096 Forest Hill Boulevard in West Palm Beach, Fla., comes on the heels of Avison Young completing a land sale in the increasingly competitive Dania Beach market. Occupancy at the center is currently 50 percent.
“As a new construction with nine retail bays and signage income, we were able to leverage the unique aspects of Abbey Park Retail Center and position the property for a quick sale,” said Jonathan Satter, Principal and Managing Director with Avison Young, who represented the seller, Forest Hill Partners, LLC, during the sale. David Duckworth, Vice President of Investment Sales, also with Avison Young, represented the buyer, Investments Limited. “Ultimately, the transaction represents the aggressiveness of retail property investors in the West Palm Beach area,” continued Mr. Satter.
After a slow recovery post-recession, retail vacancy is down in Palm Beach with a projected rate of about 8.4 percent this year according to most recent reports, causing the uptick in demand of current and new buyers in the market.
“Located in one of the densest areas of Palm Beach County, an area showing a trend of rental rates on the rise, the buyer recognized Abbey Park Retail Center as a value-add property and quality investment opportunity priced well below replacement cost,” said Mr. Duckworth. “Our keen understanding of area trends and the perspectives of both the parties during the sale process allowed us to effectively serve our clients’ needs, resulting in a successful transaction.”
Avison Young’s South Florida operations provide best-in-class services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young and investment sales in South Florida, please contact Mr. Satter at 561.721.7000 or Mr. Duckworth at 954.903.1800 or visit www.avisonyoung.com/offices/florida-west-palm-beach.
Avison Young was a winner of Canada’s Best Managed Companies program in 2011 and the company announced last week that it had requalified in 2012 to maintain its status as a Best Managed company.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-familyproperties.