Partnership pays $8.6M for Palm Beach Commons retail plaza

Partnership pays $8.6M for Palm Beach Commons retail plaza

Tuesday, December 4, 2018

Palm Beach Commons and Michael Norman

The Palm Beach Commons strip mall next to Palm Beach International Airport just traded hands for $8.6 million.

Records show an entity led by Michael Norman of the Schaumburg, Illinois-based commercial real estate firm Crossroads Partners and Josh Simon of Jupiter-based FLF Holdings purchased the 73,000-square-foot property at 1300 North Military Trail.

The seller is Flying Colors Group, which is led by Robert “Bob” Wolfenden. The company specializes in commercial real estate as well as other businesses, according to its website.

Palm Beach Commons was built in 1978 on a 6.7 acre lot on the southeast corner of Military Trail and Cherry Road. It’s currently leased to tenants including Family Dollar and a shoe and accessory store called Shoe Haul.

The property previously sold for $7.5 million in 2004, records show.

Norman and Simon have also teamed together to build a business park in Jupiter. The partners paid $11 million for the 59-acre site in 2016. It sits just east of I-95, along Indiantown Road and on both sides of Island Way.

Source: The Real Deal