Union Investment has sold the Fountains of Boynton shopping center located in Boynton Beach, Fla., a centrally situated, high-traffic suburban municipality in northern Palm Beach County, approximately 30 miles south of West Palm Beach International Airport. The property had been part of the UniImmo: Europa open-end real estate fund portfolio since 2021. The parties have agreed not to disclose the purchase price, which exceeds the most recent book value.
“We continue to observe strong demand in the retail sector, enabling us to strategically time the exit to coincide with peak investor interest,” said Kseniya Merritt, senior vice president, head of retail investments North America at Union Investment.
“Resilient retail assets are currently in high demand among many investors. We therefore took advantage of the favorable market conditions to successfully sell the shopping center,” said Matthew Scholl, head of investment management Americas at Union Investment.
