ICM Realty Sells Gulfstream Plaza for 100% Gain as Renovations Mark Up the Value
The Gulfstream Plaza, a shopping center established in 1972 and close to West Palm Beach, was sold by the Canadian firm ICM Realty Group for $13.05 million. The price is more than 100% increase over the past trade, with the recent renovations appearing as the responsible element for the increase.
After putting a new form to the parking lot, installing a new roof, constructing new storefronts, as well as leasing most of the empty space, ICM was able to successfully sell the plaza, double the amount it paid a few years ago.
Among the other deals that were made by the ICM include a $17 million acquisition of the Boca Raton office building, which is located in the Park at the Broken Sound commercial complex. The company has around $475 million worth of assets that is under the management and divided between the 30 properties that are mostly situated in Canada and the US, The Real Deal reported.
ICM IV - WPB I is part of the ICM Realty Group that sold this retail plaza property to the Gulfstream Plaza LLC, which is managed in Boca Raton by Paul Rosenberg, a local investor. According to the county records, the shopping plaza is measured at 84,738 sq. ft. and located at 2076 N. Haverhill Road. Bank United, which is based in Miami Lakes, offered $9.14 million to the buyer. The deal amounts to $154 per sq. ft. A broker from Marcus & Millichap was reported to represent the two parties for the deal.
ICM Realty Group bought the property in 2013 for $6.47 million when it was still named Babies R' Us Plaza. The company was said to spend $1.1 million in renovating the acquired property in 2015. The current tenants are Goodwill South Florida, Gordon Food Service, 3D Baby Bump, H&R Block, Bank United and 1/2 Price Mattress, Business Journal reported.