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Wednesday, March 9, 2011

Boynton Town Center with Best Buy Sold for $59 Mil

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Boynton Beach, Florida - Net Lease Properties news today is from an area we know very well, the Boynton Beach Net Lease Investment market. The Retail Power Center, Boynton Town Center has recently sold. Some reports have this Net Leased Retail Shopping Center as selling approximately 201,979 square feet. However, the commercial real estate developer, The Sembler Company, developed this net leased property as a total of approximately 399,916 square foot regional retail power center.

The Net Leased Property, Boynton Town Center is located at the northeast corner of N. Congress Avenue and Old Boynton Road. This net lease property sits in the heart of the Boynton Beach retail district. The net leased Retail Shopping Center consists of a wide variety of restaurants, retail, office and service oriented net lease tenants. This net leased property is currently approximately 92% leased.

The St. Petersburg-based commercial real estate developer Sembler Company sold the Boynton Town Center. The net leased property has SuperTarget, Best Buy, Total Wine & More and Michaels anchoring the center, but this transaction did not include the large SuperTarget store. The SuperTarget building is owned by Target Corp. and therefore not involved in this net lease property sale. We are not aware if this net leased proprty was involved in a 1031 Exchange.

The net leased property buyer was Morguard Investments. This net leased property buyer is currently based in Canada. The Retail Power Center had some of the net lease tenants opened their doors in 2007. The Net Leased Property is anchored by excellent Tenants, including SuperTarget, Best Buy and Michael's. Michaels’ took over approximately 23,407 square feet in this net leased property, opened late in 2009. Boynton Town Center is at the prime address of 1000 North Congress Avenue in Boynton Beach, with the 33426 zip code.

This net leased property, Boynton Town Center is a recently developed, high quality retail power center. As we see developable Land becoming very scarce in South Florida, this will be one of the last retail net leased properties developed in this area of Palm Beach County. A net leased property across the street had a Circuit City close down. That net leased property is now a Dick's Sporting Good retail store. Another NNN Commercial Real Estate Investment across the road had a quaint Borders Book Store close down. That Net Lease Property at 525 North Congress Avenue in Boynton Beach, Florida is now a store for Off Broadway Shoes.

The net leased property sold for $59 million. The Net Leased Property Seller was an affiliate of the Sembler Company. The Sembler Company has developed many architecturally beautiful retail shopping centers. Currently, the Sembler Company commercial real estate development company has been involved in over than 130 retail shopping centers. These net leased retail shopping centers have over 27 million square feet of retail space. The majority of these net leased properties are in the Eastern United States.

Some of the Net Leased Property Developments include:
• grocery anchored centers
• power centers and regional shopping centers up to 1,500,000+ SF
• mixed-use lifestyle centers
• banks and drugstores
• over 200 build-to-suits

The Sembler Company is known as a leader in the retail shopping center industry. The commercial real estate development company has received a variety of awards including:
• named by the Atlanta Business Chronicle as the Top Retail Commercial Real Estate Developer in Atlanta for eight consecutive years
• named 5th Fastest Growing Retail Developer in the United States by the Chain Store Age Magazine
• named 5th Fastest Growing Management Company in the United States by the Chain Store Age Magazine.

Boynton Town Center is a net leased property that truly benefits from its location. The net leased property sits between two significant residential developments to fuel the business of the net lease tenants here. Nearby is Renaissance Commons, which is a mixed-use development. This Mixed-use commercial real estate development is adjacent to the north and includes more than 1,000 residential units and has some retail net leases. The Net Leased Property will benefit in the future with an additional 2,000 units planned in a separate commercial real estate development.

The Boynton Beach Mall is situated just west of the Boynton Town Center net leased property. The Boynton Beach Mall was recently renovated and had additions to the retail shopping center. This area is very supportive of net leased properties as it is a densely populated area of Boynton Beach, Florida.

The net leased property, Boynton Town Center currently has the following net leased Tenants:

Anchors
SuperTarget
Best Buy
Michaels

Apparel & Accessories
Jos. A. Banks Clothiers
Payless ShoeSource
Shoe Carnival
Styles For Less

Health & Beauty
Hot Heads Salon
Massage Envy
Merle Norman - Coming Soon
Sport Clips
USA Spa Nails

Home Furnishings
Mattress Giant

Restaurants & Dining
Five Guys Burger & Fries
Jason's Deli 561-738-1820
Jimmy John's
Moe's Southwest Grill
Panda Express
Pollo Campero
Red Lobster (a new modern Restaurant theme)
Rotelli's Italian Restaurant
Shane's Rib Shack
Sweet Surrender

Service Providers
Gilman & Ciocia Tax & Financial Planning
Pearle Vision
PNC Bank - Coming Soon
RBC Centura Bank
Solantic Urgent Care

Specialty Shops
Hertz Jewelers - Coming Soon
Total Wine and More (an excellent store for wine enthusiasts)
Family Christian Stores
Game Stop

Contact Net Lease Properties to sell your net lease properties, or purchase NNN Property.

If you are ready to purchase Commercial Real Estate or a Triple Net Leased Property, you can apply for Commercial Loans at Loanrise.com.
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