Stockbridge Capital Group has acquired the retail portion of Uptown Boca in Boca Raton for $118.4 million. The purchase, through a Stockbridge affiliate led by Terry Fancher, includes a 150,591-square-foot shopping center anchored by Whole Foods Market at 20940 Uptown Avenue and a 77,475-square-foot parking garage at 9536 Glades Road. Other tenants in the shopping center include REI, Bonefish Grill, Sephora, Chick-fil-A, and Homesense.
The price equates to $519 per square foot for both the retail space and garage. Both were completed in 2020 along with The Residences at Uptown Boca, an adjacent 456-unit apartment complex.
A JLL team headed by Danny Finkle and Jorge Portela brokered the transaction.
The seller was a partnership between Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital. This group developed the 38-acre mixed-use project with a $125 million construction loan after buying the site for $38 million in 2018. In 2021, this joint venture sold The Residences at Uptown Boca to Cortland for $230 million.
This acquisition follows Stockbridge’s sale of Fountains of Miramar in Broward County for $42.3 million to RK Centers ten months ago. That property is anchored by Home Depot and also features Marshalls, HomeGoods, Ross Dress for Less and Pet Supermarket as tenants.
Stockbridge was founded in 2003 and owns approximately 20,000 multifamily units and more than 93 million square feet of commercial space nationwide valued at about $36.5 billion according to its website. Recently, Stockbridge sold a San Jose apartment complex for $97.6 million—about $6.3 million less than it paid in 2019.
Other recent activity in South Florida’s retail market includes Current Capital Group’s purchase of County Line Shopping Center in Miami Gardens for $33 million in July; that property is anchored by Ross Dress for Less and dd’s Discounts stores.
