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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