Publix Nabs Wellington Retail Asset

Federal Realty Trust has parted ways with a 127,000-square-foot shopping center in Palm Beach County, Fla.
The Courtyard Shops at Wellington

The Courtyard Shops at Wellington

Federal Realty Investment Trust (FRT) of Rockville, Md. has severed ties with one of its southeastern retail assets. The company recently sold The Courtyard Shops at Wellington shopping center in Wellington, Fla., for a price tag worth $52.8 million. According to the South Florida Business Journal, the property was acquired by Real Sub, a subsidiary of Publix Super Markets—the center’s anchor tenant. The sale of the 127,000-square-foot property generated a book gain of more than $15 million.

“As demonstrated by our recent acquisitions of Cocowalk in Miami and Shops at Sunset Place in South Miami, the Trust will continue to pursue investments within South Florida where we can utilize our redevelopment, merchandizing and leasing expertise to create significant value for our shareholders, assets and communities,” stated James Taylor, Jr., executive vice president, chief financial officer & treasurer at FRT.

Located at 13840-13870 Wellington Trace and 1470-1480 Greenview Shores Blvd., The Courtyard Shops at Wellington is home to retailers such as IHOP, UPS Store, and TCBY.

Image courtesy of The Courtyard Shops at Wellington official Facebook page