Commercial Properties Realty Trust sells Florida mall

BRAF’s real estate development arm, Commercial Properties Realty Trust, has sold a 130,000-square-foot shopping mall in West Palm Beach, Fla., to a joint venture by Blackpoint Partners and Atlantic Creek Real Estate Partners. Commercial Properties spokesman Mukul Verma confirms the sale, saying “Commercial Properties is selling properties in Florida to focus closer to Louisiana.” Verma would not disclose the sale price. However, the South Florida Business Journal reports the Polo Grounds Mall—which is anchored by a Publix grocery store and is 92% leased—went for $14.4 million, or $110 per square foot. The mall shows up on Commercial Properties’ 2009 financial report, valued at $9,035,980, or about $5.4 million less than the reported sale price. A request to Commercial Properties for confirmation on the purchase date and price was not returned. Reportedly built in 1966, the center received a $12.5 million renovation in 2007 that included construction of the new 45,000-square-foot Publix. Verma says Commercial Properties also has a property for sale in Haines City, Fla., which is not under contract at the moment. “The Florida markets were a little too far to manage, which is why the properties there are being sold,” he says. “Otherwise, we are investing in the remaining properties.” —Steve Sanoski