May 22, 2025

Phillips Edison & Co. (NASDAQ: PECO) acquired the Cross Creek Center shopping complex in Boynton Beach for $16.35 million.

Cross Creek Boynton LLC, led by Michael Janoura of Boynton Beach-based Janoura Realty, sold the 37,201-square-foot retail center at 1301 W. Boynton Beach Blvd. to Boynton Beach Station LLC, a subsidiary of Cincinnati, Ohiobased shopping center investor Phillips Edison & Co.

Drew A. Kristol and Kirk D. Olson of the Institutional Property Advisors team at Marcus & Millichap brokered the deal. The price equated to $440 per square foot.

Cross Creek Center last sold for $5.58 million in 2005, so it nearly tripled in value after a 20-year hold. It was built on the 4.53-acre site in 1988 and renovated in 2014.

Cross Creek Center is 97% occupied, according to Marcus & Millichap. Tenants include Stanton Optical, UPS Store, Smoothie King, and Metro by T-Mobile. The average household income within a three-mile radius is $85,400. As for the buyer, PECO owned 33.5 million square feet of commercial properties in 31 states as of March 31.

-Brian Bandell