South FL Shopping Center Commands $43M
- Feb 19, 2019
Centre at Wellington Green Ltd. has sold Pointe at Wellington Green, a 107,368-square-foot, LA Fitness-anchored shopping center in Wellington, Fla., for $43 million. According to Palm Beach County records, the buyer has taken out a $13.5 million, fixed-rate acquisition loan from Principal Real Estate Investors, which matures in 2032. HFF brokered the deal.
Located at 10100 Forest Hill Blvd., the retail asset occupies 21.3 acres at the intersection of Forest Hill Blvd. and South Road 7. The asset is adjacent to Mall at Wellington Green and close to a dense residential area. Roughly 65,000 residents with an average household income of $117,014 per year are within a 3-mile radius of the center.
Pointe at Wellington Green’s tenant roster consists of food, fitness and services businesses that includes Sports Clips, Five Guys, Saitos Japanese Steak House, Jamba Juice, Olive Garden, Don Ramon Cuban Cuisine and Francos Italian Restaurant. The asset was 96 percent leased as of February.
The HFF investment advisory team that worked on behalf of the seller included Senior Managing Director & Co-Head of the company’s retail practice Daniel Finkle, Managing Director Luis Castillo and Director Eric Williams. Director Maxx Carney and Associate Matt McCormack from HFF’s debt placement department represented the buyer in procuring the loan.
At the end of last year, HFF also brokered the sale of a 13,905-square-foot retail property in Clear Lake, Texas.
Image via Google Street View