Stockbridge Capital Group has acquired the retail portion of Uptown Boca in Boca Raton for $118.4 million, according to public records and real estate database Vizzda. The San Francisco-based investment firm, led by Terry Fancher, purchased the 150,591-square-foot shopping center at 20940 Uptown Avenue. The center is anchored by Whole Foods Market and includes tenants such as REI, Bonefish Grill, Sephora, Chick-fil-A, and Homesense.
The acquisition also includes a 77,475-square-foot parking garage located at 9536 Glades Road. Both the retail building and garage were completed in 2020 alongside The Residences at Uptown Boca, a neighboring apartment complex with 456 units.
JLL’s Danny Finkle and Jorge Portela brokered the sale. The seller was a partnership among Giles Capital Group, Rosemurgy Properties, Schmier Property Group, and Wheelock Street Capital. This group developed Uptown Boca as part of a larger 38-acre mixed-use project with financing from a $125 million construction loan. Records show that the development team purchased the site for $38 million in 2018.
In 2021, this joint venture sold The Residences at Uptown Boca to Atlanta-based Cortland for $230 million.
Stockbridge’s latest move comes about ten months after it and its partner Lacera sold Fountains of Miramar—a Broward County shopping center anchored by Home Depot—to RK Centers for $42.3 million. Other major tenants there include Marshalls, HomeGoods, Ross Dress for Less, and Pet Supermarket.
Founded in 2003, Stockbridge manages a portfolio comprising approximately 20,000 multifamily units and more than 93 million square feet of commercial space nationwide valued at $36.5 billion (https://stockbridge.com/). Recently, Stockbridge sold a San Jose apartment complex with 230 units for $97.6 million—about $6.3 million less than its purchase price in 2019.
Other recent activity in South Florida’s retail sector includes Current Capital Group’s July purchase of County Line Shopping Center in Miami Gardens for $33 million; that property is anchored by Ross Dress for Less and dd’s Discounts stores.
