Stiles Realty announced today the successful sale of the 62,573-square-foot retail component of Renaissance Commons, a mixed-use commercial complex in Boynton Beach, Florida. The property was sold for $18.2 million after being on the market for only 30 days.
Stiles Realty director of retail services Dan Coyle represented the buyer, Cohen Commercial Properties, and seller, Wells Fargo Bank affiliate Redus One LLC.
“The retail condo component presented an excellent and rare opportunity in the growing Boynton Beach market,” said Coyle. “The property benefits from excellent leasing fundamentals and a synergy with surrounding retail and residential, both of which will help to drive substantial growth of NOI over the next ten years.”
Located at 1880 N. Congress Ave. and 1500 W. Gateway Blvd., the retail component of Renaissance Commons comprises 17 ground floor units across two buildings. The retail is 80% leased to national and local tenants, including Bonefish Grill, Starbucks, Village Tavern Restaurant, and AT&T.
According to Coyle, a major factor in the property’s quick sale was its strong leasing momentum and quality demographics with more than 112,000 residents living within a three-mile radius. To point, during the closing process Coyle executed a new retail lease with 5,500-square foot Streb’s Restaurant.
“Being a foreclosure, this property presented a challenging budget process that only became more complex with the execution of a new lease,” said Coyle. “We congratulate all parties involved who worked cohesively to create a very smooth and successful transaction.”
Renaissance Commons comprises 293,000 square feet with office condos, office rentals and a self-storage facility. Stiles Realty and Stiles Property Management, both of which had been leasing and managing the property since Wells Fargo foreclosed on it in early 2014, were retained under the new ownership.