South FL Shopping Center Trades for $33M

JBL Asset Management has acquired Flamingo Pines Plaza, a nearly 140,000-square-foot community retail center, located in the South Florida submarket.
Flamingo Pines Plaza in Pembroke Pines, Fla.
Flamingo Pines Plaza in Pembroke Pines, Fla.

Weingarten Realty Investors has sold Flamingo Pines Plaza, a 139,462-square-foot community shopping center in Pembroke Pines, Fla., to JBL Asset Management. According to South Florida Business Journal, the Walmart-shadow-anchored retail asset traded for $33.2 million.

Flamingo Pines Plaza is located at 12520 Pines Boulevard, at the heavily-trafficked intersection of Pines Boulevard and Flamingo Road, in an infill location. The site is situated adjacent to Pembroke Lakes Mall and east of Interstate 75, being exposed to more than 110,000 vehicles per day.

Well-exposed location

Built in 1987, the retail plaza is currently 99.2 percent leased and houses tenants such as Florida Technical College, USPS, Goodwill, Mattress Firm, Honey Baked Ham, State Farm and Sunrise Medical Group. Nearly 400,000 residents with an average household income in excess of $85,000 live within a five-mile radius of the property.

HFF marketed the plaza on behalf of the seller, the team including Senior Managing Director & Co-Head of HFF’s retail practice Daniel Finkle, Managing Director Luis Castillo, Director Eric Williams and Associate Kim Flores.

 “Pembroke Pines’ population density, growth and affluence make it one of the most highly coveted retail submarkets in South Florida,” Williams said, in prepared remarks. “Flamingo Pines Plaza’s prime location at the heart of the Pines Boulevard retail corridor adjacent to a high-volume Publix and Walmart Supercenter was attractive to investors.”

Weingarten sold another retail asset in October, located in the Los Angeles metro area. The grocery-anchored shopping center commanded $38 million.

Image via Google Street View