Shops at Boca Greens
Boca Raton, Florida

Property Type: Neighborhood Shopping Center

Acquisition Date: August 2003

Investment Thesis & Opportunities

• Recognized value of location in center of affluent West Boca market and excellent frontage

• Vision of undeveloped outparcel and under-exploited retail location with opportunity to re-tenant at higher market rents

• Strategy to re-merchandise center to family orientation

• Strong demographics: average household income of $105,633 within a 3-mile radius

Value Add Activities

• Negotiated purchase of Winn Dixie lease out of bankruptcy

• Negotiated buyout of CVS and Beall’s leases

• Redevelopment to support re-tenanting

• Converted below market rents to higher paying tenants