LAKE WORTH BEACH AND WEST PALM BEACH, FLA. — Current Capital Management has acquired two shopping centers in Lake Worth Beach and West Palm Beach for $12.8 million. Todd Nepola of Current Capital Management led the transaction on an internal basis. Chatam Management was the seller. Benedict Gutierrez of Marcus & Millichap arranged the transaction, and South State Bank provided a $9 million acquisition loan for the buyer.
The sold properties include Coco Plum Plaza, a 43,801-square-foot retail center located at 2845 N Military Trail in West Palm Beach, and Shoppes of Lake Worth, a 38,530-square-foot retail center located at 6651 Lake Worth Road in Lake Worth Beach. Both properties were fully occupied at the time of sale.
The new owners plan to implement minor upgrades such as fresh paint and the addition of LED lighting throughout, as well as landscaping and signage upgrades.