Nuveen Real Estate sells Publix-anchored shopping center to Mount Vernon Company

• JLL Capital Markets arranged the sale of Promenade Shopping Plaza, a 207,877-square-foot Publix-anchored shopping center in Palm Beach Gardens, marking the largest grocery-anchored shopping center sale in northern Palm Beach County in more than five years.

• Nuveen Real Estate sold the property to Boston-based Mount Vernon Company, which is acquiring Florida grocery-anchored retail through a multi-property 1031 exchange out of the Greater Boston market. Promenade marks the firm’s first major shopping center acquisition in South Florida.

• The center is anchored by a brand-new Publix. The grocer demolished its 42,450-square-foot 1989 store and rebuilt a 54,964-square-foot prototype on the same site, reopening in May 2025 in a roughly 30% expansion of the anchor.

MIAMI, Sept. 14, 2026 – JLL Capital Markets announced today 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. The landmark 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, in the transaction. Promenade is the first major shopping center acquisition in South Florida for The Mount Vernon Company, a leading New England developer and owner with a 40-year track record.

“We clearly recognize the strength of the Palm Beach Gardens market, and we are excited to enhance the customer experience at Promenade Shopping Plaza,” said Bruce A. Percelay, Chairman of The Mount Vernon Company. “We are long-term holders who take pride in maintaining our properties to the highest possible standard, and Promenade will be no exception.”

Built in 1989 and featuring a completely rebuilt Publix prototype store that reopened in May 2025, Promenade Shopping Plaza sits on 22.81 acres along Alternate A1A and is strategically positioned between two major east-west arterials, PGA Boulevard and Northlake Boulevard, providing immediate access to Interstate 95 and Florida's Turnpike.  The property is 98% occupied. Anchored by the recently rebuilt Publix, Promenade also features Planet Fitness, Bealls Outlet, Goodwill and Ace Hardware, along with a diverse mix of professional services, food and beverage and medical tenants. The center also has a growing family-oriented focus, with fitness and activity concepts complemented by a Goldfish Swim School now under construction. 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.

The JLL Capital Markets Investment and Sales Advisory team representing the seller was led by Danny Finkle, Jorge Portela and Kim Flores.

“Demand for grocery-anchored shopping centers in this market is extremely high, and Mount Vernon was able to act decisively on this opportunity,” said Portela. “Promenade Shopping Plaza checked all the boxes: a brand-new Publix anchor, strong in-place cash flow with upside and outstanding demographics. Given the size of this center and the role it plays in serving this growing market, the long-term prospects for Promenade are outstanding.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

The Mount Vernon Company is an award-winning real estate investment firm based in Boston with holdings across multifamily, hospitality, retail, and mixed-use development. Known for its creative and community-focused approach, MVC has been recognized as one of the region’s most innovative property owners and developers. For more information visit mvernon.com.