A 37,000-square-foot Boynton Beach retail center sold for $16.3 million. Janoura Realty was the seller, and Phillips Edison & Co. (PECO) was the buyer. The South Florida Business Journal reports that The Cross Creek Center last sold for $5.5 million in 2005. It was built on the 4.5-acre site in 1988 and renovated in 2014.
Drew A. Kristol and Kirk D. Olson of the Institutional Property Advisors brokered the deal.
Marketing material boasted that Cross Creek Center is 97% occupied. Tenants include Stanton Optical, UPS Store, Smoothie King, and Metro by T-Mobile.
Phillips Edison & Company is an American REIT, founded in 1991, that owns and develops shopping centers throughout the United States. As of last month, PECO owned 33.5 million square feet of commercial properties in 31 states.
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