Mount Vernon buys Publix-anchored retail for $67M in its first major SoFla shopping center purchase

Mount Vernon Company paid $66.9 million for a Palm Beach Gardens shopping plaza whose anchor tenant is a renovated Publix grocery store. Nuveen Real Estate sold the 207,900-square-foot Promenade Shopping Plaza for $17.6 million more than it paid — $49.3 million in 2017. The deal closed at $321 per square foot. Beacon Bank provided Boston-based Mount Vernon with a $35.9 million loan.  The neighborhood shopping strip at 9810 Alternate A1A was built in 1989 and sits on about 22.8 acres. Its central tenant is a Publix that reopened after renovations last year. Planet Fitness, Goodwill and Ace Hardware are among […]

This article originally appeared on The Real Deal. Click here to read the full story.