Uptown Boca, a Whole Foods-anchored lifestyle center in West Boca Raton, sold for $118.43 million. Glades 95th Owner LLC, a partnership between Boca Raton-based SchmierProperty Group. Giles Capital Group, and Rosemurgy Properties and Connecticut-based Wheelock Street Capital, sold the 150,591-square-foot retail center and the 77,475-square-foot parking garage at 9536 Glades Road. The buyer was SCG Uptown Boca Owner LLC, which property data firm Vizzda confirmed was an affiliate of Stockbridge Capital Group in San Francisco.

JLL’s Danny Finkle, Jorge Portela and Kim Flores represented the seller in the deal and side Uptown Boca was 100% leased.

“Uptown Boca represented a rare opportunity to acquire a best-in-class retail asset in one of Florida’s most desirable investment markets,” Finkle said. “The property’s exceptional tenant roster, strong demographics and high barriers to entry made it an attractive institutional-quality acquisition.”

The seven-building retail portion of Uptown Boca was built on the 19-acre site in 2020. The neighboring Residences at Uptown Boca were sold for $230 million in 2021 and not included in this deal.

In addition to Whole Foods, tenants in Uptown Boca include Bonefish Grill, Sephora, Chick-fil-A, and Homesense. Fitness club Lifetime signed a lease in Uptown Boca and should open later this year.

This deal shows the strong demand for retail space in the Boca Raton market as rents rise.

According to the second quarter report from Colliers, the retail vacancy rate in Palm Beach County was 4.4%, up from 3.7% in the same quarter a year ago. The asking rent increased to $29.14 per square foot, from $29.03 per square foot. In the Boca Raton West market, the vacancy rate was only 2.2% and the asking rent was $45.31 per square foot, among the highest in the county.