NorthMil Plaza Sells for $13M

PALM BEACH GARDENS, FL-NorthMil Plaza, a two-year-old, grocery store-anchored neighborhood shopping center here, has been sold for $12.6 million. A private investor, an entity affiliated with Intervest Properties of Tulsa, OK, purchased the property from Northmil Partners LC, paying nearly $139.78 per sf.

NorthMil Plaza, located at the northeast corner of Military Trail and Northlake Boulevard, contains 90,322 sf of rentable space and is anchored by an Albertson’s grocery store. The plaza was built in 2001.

Miami, FL-based BlackRock Realty Advisors was the exclusive agent representing Northmil Partners LLC in the transaction. Anthony Blanco and Casey Rosen of BlackRock Realty Advisors also assisted the buyer in obtaining $10.1 million in permanent financing for that property. The permanent debt was arranged through GE Capital Real Estate, based in Addison, TX. The loan had a 5.64% interest rate and a 30-year amortization schedule, 10-year balloon.