**Boynton Beach Retail Center Sells for $16.3 Million**
A 37,000-square-foot retail property in Boynton Beach, Florida, has been sold for $16.3 million. The seller was Janoura Realty, with the buyer being Phillips Edison & Co. (PECO). The property, known as Cross Creek Center, previously sold for $5.5 million in 2005. Built in 1988, the shopping center underwent renovations in 2014 and sits on a 4.5-acre site.
The transaction was brokered by Drew A. Kristol and Kirk D. Olson of Institutional Property Advisors. According to marketing materials, Cross Creek Center boasts a 97% occupancy rate, with tenants including Stanton Optical, The UPS Store, Smoothie King, and Metro by T-Mobile.
Phillips Edison & Company, a real estate investment trust (REIT) founded in 1991, specializes in owning and managing shopping centers across the United States. As of last month, PECO held ownership of approximately 33.5 million square feet of commercial space in 31 states.
