The Fountains of Boynton shopping center has the grocery retailer Publix as its food anchor. Credit: Union Investment

Union Investment acquires food-anchored shopping center in Florida

Union Investment has acquired the Fountains of Boynton shopping center in Florida. The complex, which consists of five buildings, is located in Boynton Beach, a centrally located suburban community in northern Palm Beach County, about 30 kilometers south of West Palm Beach International Airport.

The purchase was made for the portfolio of the UniImmo: Europa open-ended mutual property fund. The parties have agreed not to disclose the purchase price. The main tenants are Publix and LA Fitness Signature Club. The building was modernized in 2017 and offers a GLA of 175, 452 sq m.

“The food sector has always been a highly desirable and liquid asset class in the US. And the stable performance during the Corona pandemic has added to investor interest. In addition, with Florida’s continued population growth, demand is increasing across all asset classes in the state,” says Matthew Scholl, Executive Director and Head of Investment Management Americas at Union Investment.

“The Florida purchase serves to diversify our portfolio and thus hedge against future crises. We want to further expand our overseas real estate portfolio,” adds Henrike Waldburg, Head of Investment Management Global at Union Investment.

The newly developed Boynton Beach suburban area is located in the Miami-Fort Lauderdale-West Palm Beach metropolitan region, which is home to around 6 million people. 

Related

Subscribe to ACROSS Magazine

Across print & digital

Enjoy ACROSS – The European Placemaking Magazine on your desktop, tablet, or smartphone.

Latest Print Issue

Top