The Northlake Promenade Shoppes in North Palm Beach just sold for $12.6 million, broker Avison Young said Tuesday.
The 83,000-square-foot center, anchored by Publix, is on 21 acres at the southwest corner of Northlake Boulevard and Federal Highway. Other tenants are CVS, Chase and BP.
The buyer is Woolbright Development of Boca Raton. Lakeland-based Publix has been an aggressive buyer of real estate, but not in this case.
“Publix has been extremely active in buying their own stores when available,” said David Duckworth, a broker at Avison Young. “However, with this project featuring such a valuable land component, it was a much better fit for a prominent developer like Woolbright Development to create maximum value for the center.”