Miami Retail Center Changes Hands for $285M
- Aug 03, 2016
Miami—Weingarten Realty Investors has acquired The Palms at Town & Country, a 667,757-square-foot open-air retail center in Miami, from TIAA Global Asset Management. The property fetched a whopping $285 million, according to the South Florida Business Journal.
HFF represented the seller in the transaction, led by Senior Managing Director & Co-head of HFF’s retail practice Daniel Finkle, Managing Director Luis Castillo and Associate Director Nat Scarmazzi.
“The Palms at Town and Country is a highly productive regional shopping center with tremendous near and long-term value creation opportunities that can materially grow the property’s cash flow as well as continue to solidify the property’s fortress retail status in the Miami market,” Finkle told Commercial Property Executive. “This combination is unique, especially in one of the strongest retail markets in the country.”
The Palms at Town & Country’s retail roster includes Publix, Marshalls, Dick’s Sporting Goods, Nordstrom Rack, Total Wine & More, Kohl’s, Toys”R”Us, 24-Hour Fitness and Forever 21 Red. It also boasts restaurant such as Blue Martini, Corner Bakery Café and Casavana Cuban Cuisine.
Located at 8505 Mills Drive, the property sits on 70 acres at the Florida Turnpike and Kendall Drive, a “main and main” location visible by more than 200,000 vehicles per day with an estimated 485,400 people inhabiting a 5-mile radius.
“The population density of the surrounding market is unparalleled with prominent visibility from two of the area’s most heavily trafficked thoroughfares—Kendall Drive and Florida Turnpike,” Finkle said. “Kendall is one of the most desirable retail market for retailers and restaurants and The Palms is at the epicenter of the market.”
The center was redeveloped in 2009 with a Mediterranean theme and is landscaped with a large central water feature with a pedestrian bridge and fountain.
“Weingarten’s acquisition of this marquis asset is consistent with our disciplined strategy to acquire dominant centers in high-barrier-to-entry markets,” Rick Carson, Weingarten Realty Investors vice president & senior regional director of development and acquisitions, said in a prepared release. “The 667,000-square-foot center includes both a community center and a lifestyle center and is anchored by a market-leading grocer along with several top-tier power center and fashion tenants. This important acquisition serves to further strengthen Weingarten’s national portfolio of high-performing centers.”
Image courtesy of JLL