Press Releases
Marcus & Millichap Facilitates $17 Million Sale of Multi-Tenant Retail Center in Royal Palm Beach, Florida
December 12, 2025
ROYAL PALM BEACH, Fla., Dec. 12, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Cypress Key Shoppes, a 26,000-square-foot multi-tenant retail center in Royal Palm Beach, Florida. The asset sold for $17 million.
“This sale demonstrates the continued demand for top-tier retail in Palm Beach County. The stabilized tenant mix and high barriers to entry created a competitive bidding process, which further supports the long-term confidence investors have in this market and in the retail sector overall,” said Douglas Mandel, Executive Managing Director. “Well-leased retail continues to draw aggressive interest from both private and institutional buyers.”
Mandel, Zach Levine and Cody Hershey, investment specialists in Marcus & Millichap’s Fort Lauderdale office, exclusively marketed the property on behalf of the seller, Martin Heise with City Construction & Development, and procured the buyer, Curbline Properties Corp.
Located at 11925 Southern Boulevard, the center sits at a signalized intersection along one of Palm Beach County’s busiest east–west corridors and features nearly 900 feet of frontage.
Cypress Key Shoppes is fully leased to national and regional tenants including Chipotle Mexican Grill, Smoothie King, Mission BBQ, Maple Street Biscuit Company, Pei Wei Asian Kitchen, Verizon Wireless, Eyes on Southern, Escriba Medical Group, Topsail Steamer and a popular Salon Suites concept. Completed in 2024, the center offers contemporary design, ample parking and direct access to a dense, affluent residential population.
“This sale demonstrates the continued demand for top-tier retail in Palm Beach County. The stabilized tenant mix and high barriers to entry created a competitive bidding process, which further supports the long-term confidence investors have in this market and in the retail sector overall,” said Douglas Mandel, Executive Managing Director. “Well-leased retail continues to draw aggressive interest from both private and institutional buyers.”
Mandel, Zach Levine and Cody Hershey, investment specialists in Marcus & Millichap’s Fort Lauderdale office, exclusively marketed the property on behalf of the seller, Martin Heise with City Construction & Development, and procured the buyer, Curbline Properties Corp.
Located at 11925 Southern Boulevard, the center sits at a signalized intersection along one of Palm Beach County’s busiest east–west corridors and features nearly 900 feet of frontage.
Cypress Key Shoppes is fully leased to national and regional tenants including Chipotle Mexican Grill, Smoothie King, Mission BBQ, Maple Street Biscuit Company, Pei Wei Asian Kitchen, Verizon Wireless, Eyes on Southern, Escriba Medical Group, Topsail Steamer and a popular Salon Suites concept. Completed in 2024, the center offers contemporary design, ample parking and direct access to a dense, affluent residential population.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
