Mystery Buyer Pays $20M For Coral Springs Shopping Center

Palm Beach real estate investor Beverlee Raymond sold a Coral Springs shopping center for $20.4 million to a mystery buyer.

An entity managed by Raymond, CEO of Palm Beach-based Extraordinary Charities, sold Plaza at Royal Palm at 10299 Royal Palm Boulevard to a Boca Raton-based entity whose authorized representative is Rocco Labella, a Hackensack, New Jersey-based attorney, records show. 

Labella did not respond to an email requesting comment. Marcus & Millichap handled the listing and sale on behalf of Raymond’s entity. 

The deal breaks down to $154 per square foot for the 131,976-square-foot retail center completed in 1988. In 2017, Raymond’s entity paid $13.5 million for the 11.9-acre property, records show. 

Plaza at Royal Palm is fully leased and is anchored by a Key Foods Supermarkets store, according to an online listing. Other tenants include Diamond Liquors, Goodwill, Royal Palm Veterinary Hospital, Cold Stone Creamery and Allstate Insurance.

In 2021, an entity managed by Raymond, her husband John Raymond Jr. and Palm Beach real estate investor and developer Robert J. Reveley sold a vacant lot in Palm Beach to developer Todd Michael Glaser for $3.8 million, records show. Glaser had planned to develop an office building on the site, published reports state. However, Glaser sold the property to Palm Beach Jewish Center for $5.2 million the same year. 

In 2017, Raymond sold Royal Manor Estates, an 85-acre mobile home park in Boynton Beach for $45.5 million to the Carlyle Group. 

Retail buyers have been ringing up a flurry of South Florida shopping center deals in recent months. Last month, Northbrook, Illinois-based Pine Tree made its first South Florida purchase, acquiring The Fountains shopping center in Plantation for $70 million. The 33.5-acre retail site features three main buildings anchored by big box tenants and eight outparcels. 

In May, Publix expanded its retail portfolio in South Florida after paying $58.5 million for Ramblewood Square Shopping Center in Coral Springs. The Lakeland, Florida-based grocery chain’s acquisition is anchored by a Publix supermarket and a Ross Dress for Less store.