Stockbridge Capital Group has acquired the retail component of Uptown Boca in Boca Raton for $118.4 million, according to public records and information from real estate database Vizzda. The property includes a 150,591-square-foot shopping center anchored by Whole Foods Market at 20940 Uptown Avenue, along with tenants such as REI, Bonefish Grill, Sephora, Chick-fil-A, and Homesense. The purchase also covers a 77,475-square-foot parking garage located at 9536 Glades Road.
The acquisition price amounts to $519 per square foot for both the retail building and the garage. These were completed in 2020 alongside an adjacent apartment complex known as The Residences at Uptown Boca, which features 456 units.
JLL’s Danny Finkle and Jorge Portela brokered the sale on behalf of the sellers—a partnership among Giles Capital Group, Rosemurgy Properties, Schmier Property Group, and Wheelock Street Capital. This group developed Uptown Boca as a 38-acre mixed-use project after securing a $125 million construction loan. They had previously purchased the site for $38 million in 2018.
In a previous transaction in 2021, the joint venture sold The Residences at Uptown Boca to Atlanta-based Cortland for $230 million.
This latest move marks Stockbridge’s return to South Florida retail after it and its partner Lacera sold Fountains of Miramar in Broward County for $42.3 million to RK Centers about ten months ago. That shopping center is anchored by Home Depot and includes other large retailers such as Marshalls, HomeGoods, Ross Dress for Less, and Pet Supermarket.
Founded in 2003 and based in San Francisco under the leadership of Terry Fancher, Stockbridge owns approximately 20,000 multifamily units and manages around 93.2 million square feet of commercial space across the United States with assets totaling $36.5 billion. Recently, Stockbridge sold a 230-unit apartment complex in San Jose for $97.6 million—about $6.3 million less than its purchase price from 2019.
Other recent activity in South Florida’s retail market includes Current Capital Group’s purchase of County Line Shopping Center in Miami Gardens for $33 million this July; that property is anchored by Ross Dress for Less and dd’s Discounts stores.
