Key Takeaways
- • JLL Capital Markets announced on September 14, 2026 that it completed the sale of Promenade Shopping Plaza, a 207,877-square-foot Publix-anchored neighborhood center in Palm Beach Gardens, Florida, from Nuveen Real Estate to The Mount Vernon Company of Boston.
- • JLL represented the seller, Nuveen Real Estate, with a team led by Danny Finkle, Jorge Portela and Kim Flores.
- • The center is 98% occupied, sits on 22.81 acres, and was anchored by a Publix prototype store rebuilt and reopened in May 2025.
- • The transaction is described as the largest grocery-anchored shopping center sale in northern Palm Beach County in more than five years.
- • Promenade is Mount Vernon's first major shopping center acquisition in South Florida, according to the publisher.
Summary
JLL Capital Markets announced on September 14, 2026 that it has completed the sale of Promenade Shopping Plaza, a 207,877-square-foot Publix-anchored neighborhood shopping center in Palm Beach Gardens, Florida, to The Mount Vernon Company of Boston. According to JLL, the transaction is the largest grocery-anchored shopping center sale in northern Palm Beach County in more than five years. JLL represented the seller, Nuveen Real Estate, and its Investment and Sales Advisory team was led by Danny Finkle, Jorge Portela and Kim Flores.
The property, built in 1989, features a completely rebuilt Publix prototype store that reopened in May 2025. The 22.81-acre site runs along Alternate A1A and sits between PGA Boulevard and Northlake Boulevard, with access to Interstate 95 and Florida's Turnpike. The center is 98% occupied. Its tenants include Planet Fitness, Bealls Outlet, Goodwill and Ace Hardware, alongside professional services, food and beverage and medical tenants. A Goldfish Swim School is under construction, reflecting a growing family-oriented focus.
The shopping center serves one of Palm Beach County's most affluent trade areas, with average household income exceeding $146,000 within a three-mile radius and a population of more than 90,000. Portela said demand for grocery-anchored centers in the market is extremely high and cited a brand-new Publix anchor, strong in-place cash flow with upside, and outstanding demographics as reasons the buyer acted quickly.
Bruce A. Percelay, Chairman of The Mount Vernon Company, a New England developer and owner with a 40-year track record, said the firm recognizes the strength of the Palm Beach Gardens market and plans to enhance the customer experience at the property. He described the company as a long-term holder that maintains its properties to the highest standard. The publisher did not disclose the purchase price.
The property, built in 1989, features a completely rebuilt Publix prototype store that reopened in May 2025. The 22.81-acre site runs along Alternate A1A and sits between PGA Boulevard and Northlake Boulevard, with access to Interstate 95 and Florida's Turnpike. The center is 98% occupied. Its tenants include Planet Fitness, Bealls Outlet, Goodwill and Ace Hardware, alongside professional services, food and beverage and medical tenants. A Goldfish Swim School is under construction, reflecting a growing family-oriented focus.
The shopping center serves one of Palm Beach County's most affluent trade areas, with average household income exceeding $146,000 within a three-mile radius and a population of more than 90,000. Portela said demand for grocery-anchored centers in the market is extremely high and cited a brand-new Publix anchor, strong in-place cash flow with upside, and outstanding demographics as reasons the buyer acted quickly.
Bruce A. Percelay, Chairman of The Mount Vernon Company, a New England developer and owner with a 40-year track record, said the firm recognizes the strength of the Palm Beach Gardens market and plans to enhance the customer experience at the property. He described the company as a long-term holder that maintains its properties to the highest standard. The publisher did not disclose the purchase price.
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