Stockbridge Capital Group has acquired the retail component of Uptown Boca in Boca Raton for $118.4 million. The purchase includes a 150,591-square-foot shopping center at 20940 Uptown Avenue and a 77,475-square-foot parking garage at 9536 Glades Road. Whole Foods Market anchors the shopping center, which also features tenants such as REI, Bonefish Grill, Sephora, Chick-fil-A, and Homesense.
The transaction equates to about $519 per square foot for both the retail building and the garage. These facilities were completed in 2020 alongside The Residences at Uptown Boca, a neighboring 456-unit apartment complex.
JLL’s Danny Finkle and Jorge Portela represented parties in brokering the deal. The seller was a partnership between Giles Capital Group, Rosemurgy Properties, Schmier Property Group, and Wheelock Street Capital. This group developed the entire 38-acre mixed-use project after securing a $125 million construction loan and acquiring the site for $38 million in 2018.
In 2021, this joint venture sold The Residences at Uptown Boca to Cortland for $230 million.
Stockbridge’s latest acquisition follows its sale of Fountains of Miramar—a Broward County shopping center anchored by Home Depot—for $42.3 million ten months earlier. RK Centers was the buyer in that transaction; other tenants there include Marshalls, HomeGoods, Ross Dress for Less, and Pet Supermarket.
Founded in 2003 and based in San Francisco under Terry Fancher’s leadership, Stockbridge owns approximately 20,000 multifamily units and manages over 93 million square feet of commercial space across the United States valued at $36.5 billion (https://stockbridge.com/). In another recent move unrelated to Stockbridge but reflecting activity in South Florida retail real estate markets, Current Capital Group bought County Line Shopping Center—a Miami Gardens facility anchored by Ross Dress for Less—for $33 million.
