Nuveen Real Estate Sells 207,877-SF Promenade Shopping Plaza to Mount Vernon Company for $66.9M

Nuveen Real Estate has sold Promenade Shopping Plaza, a 207,877-square-foot Publix-anchored neighborhood shopping center in Palm Beach Gardens, Florida, to Boston-based The Mount Vernon Company for $66.9 million, or approximately $321 per square foot. JLL Capital Markets represented the seller in the transaction, which closed Sept. 14, 2026, and stands as the largest grocery-anchored shopping center sale in northern Palm Beach County in more than five years.

The deal marks The Mount Vernon Company's first major shopping center acquisition in South Florida. The Boston-based firm is acquiring Florida grocery-anchored retail through a multi-property 1031 exchange out of the Greater Boston market. Beacon Bank provided a $35.9 million acquisition loan to finance the purchase, reflecting a loan-to-value ratio of roughly 54%.

A Rebuilt Publix Anchor and Near-Full Occupancy

Promenade Shopping Plaza sits on 22.81 acres at 9900 Alternate A1A, positioned between two major east-west arterials — PGA Boulevard and Northlake Boulevard — with direct access to Interstate 95 and Florida's Turnpike. The property was built in 1989 and is 98% occupied at the time of sale.

The centerpiece of the asset is a brand-new Publix prototype store that reopened in May 2025. Publix demolished its original 42,450-square-foot store and rebuilt a 54,964-square-foot replacement on the same site, representing a roughly 30% expansion of the anchor's footprint. Additional tenants include Planet Fitness, Bealls Outlet, Goodwill and Ace Hardware, along with a mix of professional services, food and beverage and medical tenants. A Goldfish Swim School is currently under construction at the center.

The shopping center serves a trade area with an average household income exceeding $146,000 within a three-mile radius and a population of more than 90,000.

Nuveen's Nine-Year Hold Yields Significant Appreciation

Nuveen Real Estate acquired Promenade Shopping Plaza in 2017 for $49.3 million. The $66.9 million sale price represents a nominal gain of approximately $17.6 million above the original purchase price, reflecting roughly 36% price appreciation over the nine-year hold period, excluding cash flow generated during ownership.

The JLL Capital Markets Investment and Sales Advisory team representing Nuveen was led by Danny Finkle, Jorge Portela and Kim Flores.

"Demand for grocery-anchored shopping centers in this market is extremely high, and Mount Vernon was able to act decisively on this opportunity," Portela said. "Promenade Shopping Plaza checked all the boxes: a brand-new Publix anchor, strong in-place cash flow with upside and outstanding demographics. Given the size of this center and the role it plays in serving this growing market, the long-term prospects for Promenade are outstanding."

Mount Vernon Signals Long-Term Commitment to South Florida

The Mount Vernon Company has a 40-year track record as a developer and owner across multifamily, hospitality, retail and mixed-use properties.

"We clearly recognize the strength of the Palm Beach Gardens market, and we are excited to enhance the customer experience at Promenade Shopping Plaza," said Bruce A. Percelay, Chairman of The Mount Vernon Company. "We are long-term holders who take pride in maintaining our properties to the highest possible standard, and Promenade will be no exception."

Market Context: Grocery-Anchored Retail in South Florida

The transaction underscores sustained investor appetite for well-located, grocery-anchored neighborhood centers in affluent Florida submarkets. The combination of a newly rebuilt Publix prototype, near-full occupancy and a high-income trade area positioned Promenade as a competitive offering in a market where such assets rarely trade. The $321-per-square-foot pricing reflects the premium commanded by Publix-anchored product in northern Palm Beach County, where comparable grocery-anchored transactions of this scale have been absent for more than five years.

JLL's Capital Markets group, which has more than 3,000 specialists worldwide with offices in nearly 50 countries, advised on the transaction as part of its retail investment sales and advisory practice.