SHOPPES AT SOUTHERN PALMS PURCHASED FOR $31.4 MILLION

Wellington, FL – January 20, 2012 – (RealEstateRama) — CBRE announced today the sale of Shoppes at Southern Palms, a 200,889-square-foot shopping center located on Southern Boulevard in Palm Beach County, Florida to New York-based Garrison Investment Group. Garrison acquired the property for $31.4 million from a joint venture between Panattoni Development Company and a client advised by Invesco Real Estate. CBRE’s National Retail Investment Group in Florida provided exclusive representation to the seller in the transaction.