Stockbridge Capital Group has acquired the retail portion of Uptown Boca in Boca Raton for $118.4 million, according to property records and real estate database Vizzda. The 150,591-square-foot shopping center is anchored by Whole Foods Market and includes tenants such as REI, Bonefish Grill, Sephora, Chick-fil-A, and Homesense. The purchase also involved a 77,475-square-foot parking garage at 9536 Glades Road.
The acquisition price equates to $519 per square foot for both the retail building and the garage. These components were completed in 2020 alongside a neighboring apartment complex known as The Residences at Uptown Boca, which contains 456 units.
JLL’s Danny Finkle and Jorge Portela brokered the transaction on behalf of the seller—a partnership consisting of Giles Capital Group, Rosemurgy Properties, Schmier Property Group, and Wheelock Street Capital. This group developed Uptown Boca as part of a 38-acre mixed-use project using a $125 million construction loan after purchasing the site for $38 million in 2018.
In 2021, the joint venture sold The Residences at Uptown Boca to Atlanta-based Cortland for $230 million.
This latest deal marks Stockbridge’s return to South Florida retail properties about ten months after it and partner Lacera sold Fountains of Miramar in Broward County for $42.3 million to RK Centers. That property is anchored by Home Depot and features other large retailers including Marshalls, HomeGoods, Ross Dress for Less, and Pet Supermarket.
Founded in 2003, Stockbridge owns approximately 20,000 multifamily units and manages about 93.2 million square feet of commercial space across the United States with assets valued at $36.5 billion. Recently, Stockbridge sold a San Jose apartment complex with 230 units for $97.6 million—about $6.3 million less than its purchase price in 2019.
Other recent activity in South Florida’s retail sector 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.
