Plaza La Mer Sells for $27.1M to an affiliate of Bucksbaum Properties

A Chicago-based retail real estate investor made its first foray into South Florida with the acquisition of a Palm Beach County shopping center.

An affiliate of Bucksbaum Properties paid $27.1 million for Plaza La Mer at 849 Donald Ross Road in Juno Beach, according to records and Vizzda. The deal breaks down to $225 per square foot for the 120,152-square-foot retail plaza.

The seller, an entity managed by Inanc Kirgiz in Delray Beach, paid $3.6 million for the property in 1993, records show. Sitting on 10.2 acres, Plaza La Mer consists of five single-story buildings completed in 1988. The shopping center’s 32-tenant roster includes Dunkin’ Donuts, Tire Kingdom, Loggerhead Fitness and Trust Co. Bank. 

Bucksbaum, founded in 2011 by company CEO John Bucksbaum, specializes in acquiring urban infill retail properties, according to the firm’s website. Bucksbaum’s portfolio includes five shopping centers and indoor malls in Chicago, Atlanta and St. Louis, Missouri.