Property records show an affiliate of the outdoor sporting goods retailer just sold Carl’s Plaza at 11940 US Highway 1 for $7 million. The company originally intended to build one of its World Wide Sportsman stores on the 6-acre site, but plans fell through.
Bass Pro Shops paid $5.5 million for the property in 2014, and won county commission approval shortly thereafter to build up to 70,600 square feet of retail on the site, as well as a covered area for boats.
The buyer, RJS Realty Group, will take over renovations of the former furniture store, according to a source close to the deal. The plaza spans about 22,135 square feet, meaning the deal breaks down to about $320 per square foot. It lies on the east side of U.S. 1, a little less than two miles north of PGA Boulevard.
Online marketing material shows the center will be renovated into a marketplace called Waterway Shops. The plans feature a number of retailers, restaurants and a fitness club that would serve as its anchor tenant. The site is near a number of office complexes, including the FPL corporate campus.
RJS has a portfolio of properties throughout the Southeast valued at about $3 billion, according to its website. President and founder Robert Sullivan was not immediately available to comment.
For more details from The Real Deal Miami, visit https://therealdeal.com/miami/2018/04/27/rjs-buys-carls-plaza-near-palm-beach-gardens-plans-renovations/