NORTH PALM BEACH, Fla., June 1, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Shoppes at City Centre, a grocery-anchored shopping center located in North Palm Beach, Florida for $36 million.

“Demand for quality retail shopping centers remains very strong in South Florida. As the North Palm Beach area has continually been a strong retail submarket, we received multiple bids from highly qualified investors,” said Douglas Mandel, executive managing director in Marcus & Millichap’s Fort Lauderdale office. 

Mandel, along with Tyler Kuhlman, and Zachary Levine, investment specialists, had the exclusive listing to market the property on behalf of the seller, JB Shoppes, LLLP. The buyer, Shoppes at City Centre LLC, was also procured by Mandel, Kuhlman, and Levine.

Built in 1999, the property is anchored by West Marine and Doris Italian Market & Bakery. Other national tenants include Carrabba’s Italian Grill, Sherwin Williams, UPS Store, Dollar Tree, and Zoo Health Club. The Shoppes at City Centre is located at 11201-11261 U.S. Highway 1, on the west side of US-1, just south of PGA Boulevard.  The property was 96.8% occupied at the time of sale.