Short Hills-based Garden Commercial expanded its Florida footprint with the year-end purchase of Plaza Del Mar, an upscale, grocery-anchored retail asset directly across from the exclusive Eau Palm Beach Resort & Spa in Florida. The 83,841-square-foot destination shopping center sits at 250 South Ocean Blvd. (A1A), at the intersection of Ocean Avenue; it occupies a prime location between the Atlantic Ocean and South Florida’s Intracoastal Waterway.
Scott Loventhal and Michael Gartenberg served as in-house representatives for the acquisition by Manalapan Plaza Del Mar LLC, an affiliate of Garden Commercial.
CBRE’s National Retail Partners team in Florida, led by executive vice presidents Casey Rosen and Dennis Carson, as well as associate vice presidents Sriram Rajan and Michael Etemad provided exclusive representation to the seller, an affiliate of a joint venture between Evergreen Investment Advisors and Kitson & Partners.
“We are thrilled to add this trophy Palm Beach County property to our Florida portfolio. With the only grocery store in the vicinity, and a well-curated mix of distinctive restaurants and boutique retail, Plaza Del Mar presented a highly attractive investment opportunity. We look forward to taking this market-leading shopping center into its next chapter and being part of this beautiful coastal community,” Loventhal noted.
The popular dining and shopping destination features a high-volume Publix and eateries including Art Basil Restaurant, John G’s, Thaikyo Asian Cuisine and The Ice Cream Club. A notable emphasis on high-end apparel includes, among others, Chico’s, Evelyn & Arthur and J.McLaughlin; Addicted Chic is set to open later this year. Plaza Del Mar also houses an array of personal care and service providers.
Positioned at the entrance of the country’s most affluent communities, Plaza Del Mar serves residents and visitors to the towns of Manalapan and Palm Beach in an extended north-south trade area. A population of close to 200,000 within a five-mile radius includes high-density neighborhoods on the west side of the Intracoastal Waterway.
