A subsidiary of Palm Beach’s Frisbie Group paid $6.75 million in February for a shopping mall in a prime corner of West Palm Beach.
The sale price paid by Frisbie, more than four times the price of $1.49 million paid in 1999, reflects the continued demand for properties along the coveted South Dixie Freeway corridor.
The mall is located at 319 Belvedere Road, on the northeast corner of Belvedere Road and South Dixie Highway. It is home to tenants including the Sushi Jo and Kitchen restaurants.
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The property at 319 Belvedere Road was sold Feb. 16 to Tack3 LLC, a Frisbie company, according to Palm Beach County property records. Frisbie Group is the developer of Flagler Towers, a new ultra-luxury condominium planned for West Palm Beach.
Frisbie said there are no plans to redevelop the mall site
Robert Frisbie Jr., chief executive of the Frisbie Group, said there were no immediate plans to redevelop the site, but he did not rule it out for the future. “It’s such a significant property that when it became available (to buy) it made sense,” Frisbie said.
The center is also a key access point to downtown, said a leading real estate agent.
“This is a cool central location in an area that has seen incredible growth, both residential and commercial,” said William Reis of Corcoran Group Real Estate in Palm Beach.
Development along the Dixie Freeway corridor south of Okeechobee Boulevard towards Belvedere has been hot over the past decade, with many properties trading for big bucks, even if they are older buildings or obsolete. New restaurants, boutiques, design centers and even a new school have opened, and more businesses are in the works.
Since the coronavirus pandemic, investors and developers who have moved their homes or their money to Palm Beach County have scoured the city for properties to buy, driving up the prices of everything, Reis said.
“Properties that are even a little overpriced are still a bargain compared to where most people in the Northeast are from,” Reis said.
Last year, West Palm Beach real estate developer Sam Fisch bought another South Dixie Highway property, buying George’s Paint and Hardware at 4616 S. Dixie Highway.
In 2020, he purchased 5301 S. Dixie Highway, the longtime home of Hatfield’s Rug Cleaners. He paid $950,000 for the building complex totaling 9,300 square feet and stretching from Putnam Road to Oxford Street.
Fisch said Monday he plans to renovate the George’s Hardware property, including updating the building’s facade with glass for a more modern feel.
Fisch said he is moving his business there and three other office tenants will also occupy the space once the renovation is complete.