SJC Ventures sold a Whole Foods-anchored shopping center for $49.2 million to a Russian investor beefing up his South Florida retail portfolio.

An entity managed by Boca Raton-based investor Yevgeniy Yermakov acquired Boynton Beach Marketplace at 7395 Boynton Beach Boulevard in Palm Beach County, records and real estate database Vizzda show. 

The deal breaks down to $712 per square foot for the 69,204-square-foot shopping center. In addition to Whole Foods, other tenants include Tipsy Nail Bar, Madison Reed hair salon, Pacific Dental Services and Orangetheory Fitness. 

Atlanta-based SJC completed the three-building retail complex in November. The seller acquired the 7.7-acre site in Boynton Beach for $11.5 million in 2022, records show. 

Led by principals Jeff Garrison, Jeff DeHart and Fain Hicks, SJC is also developing another Whole Foods-anchored shopping center in Miami-Dade County. In July, the firm and its partner Nuveen Real Estate paid $32 million for a 10-acre vacant lot in Doral. The same month, the joint venture landed a $69.4 million loan to build a 83,000-square-foot shopping center on the site. 

Whole Foods, a subsidiary of Amazon, is among several tenants that have pre-leased 69 percent of the planned shopping center. Other signings include Shake Shack, First Watch, GoodVets and The Spot Barbershop, a press release states. 

Yermakov’s purchase of Boynton Beach Marketplace marks his second retail acquisition in the same city in less than two years. In February of 2023, he paid $41 million for the Shoppes at Village of Golf. The 80,000-square-foot shopping center is anchored by a Publix supermarket. 

Also in 2023, Yermakov bought a Walmart Neighborhood Market on a 6.7-acre site in unincorporated Miami-Dade for $9.7 million. 

Other retail deals in Boynton Beach this year included Beachwood, Ohio-based Site Centers selling The Village Square at Golf for $31.1 million in October. New York-based DRA Advisors acquired the 135,133-square-foot shopping center anchored by kosher grocery store KC Market.