Related Cos. Buys West Palm Beach Retail Center
The oceanfront lifestyle retail destination previously traded for $7.6 million.
Ocean Walk previously traded in 2017 for $7.6 million. Image courtesy of Pebb Capital.
Pebb Capital has sold Ocean Walk, a 65,908-square-foot retail center in Singer Island, Fla., for $19.2 million. The buyer was Related Cos., according to CommercialEdge information. JLL Retail Capital Markets brokered the transaction on behalf of the seller.
Pebb had purchased the asset back in 2017 for $7.6 million, the same source shows. After the acquisition, the company started a capital improvement plan.
Ocean Walk encompasses four buildings completed in 2010 on a 10.5-acre site. The shopping center features around 873 square feet of unobstructed oceanfront and approximately 490 parking spaces.
At the time of the current sale, the oceanfront lifestyle retail center was 100 percent leased. Featuring a diverse mix of local and national firms, the property’s tenant roster includes 7-Eleven, Subway, Mulligan’s Beach House, USPS, Wings Beachwear, Seaview Bagel Café and Johnny Longboats.
Located at 2401 N. Ocean Ave., the retail center is close to the public beach access point in North Palm Beach County. The property is also adjacent to a city park and surrounded by more than 4,300 condominiums and 800 hotel rooms.
Senior Managing Director Danny Finkle and Vice President Kim Flores, together with Senior Directors Jorge Portela and Eric Williams, led the JLL team which negotiated on behalf of Pebb. The same brokers, alongside Managing Director Ike Ojala, represented an affiliate of COFE Properties in the $58 million sale of a 129,585-square-foot retail center in Miami.
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