South Florida Mall Changes Hands in $93M Deal
- May 11, 2016
Miami—Weingarten Realty Investors has acquired Deerfield Mall, a 394,248-square-foot community shopping center located in the South Florida community of Deerfield Beach, for $92.75 million from CP Deerfield LLC and Land Trust Agreement 1001-SOD. HFF represented the sellers in the transaction.
“Weingarten’s acquisition of Deerfield Mall is consistent with our disciplined strategy to acquire dominant centers in high barrier to entry markets,” Richard Carson, Weingarten Realty Investors’ regional VP of development and acquisitions, said in prepared remarks. “The center is anchored by a market-leading grocer and top-tier power center tenants and further strengthens our Florida portfolio of high-performing centers.”
Originally constructed in 1988 and renovated in 2001, The Publix-anchored center comprises one main building totaling 366,301 square feet in an “L” configuration, two multi-tenant outparcel buildings totaling 25,427 square feet and two single-tenant outparcels occupied by Citibank and Chick-fil-A.
The center was 94.9 percent leased at the time of the sale. Its tenant roster includes Sports Authority, T.J. Maxx, Marshalls, Youfit Health Club, Cinépolis, Dollar Tree, Five Below, Ulta Beauty, The Avenue, Panera Bread, First Watch and Taco Bell.
Located on approximately 43 acres at the “hard corner” of the heavily-trafficked intersection of Hillsboro Boulevard and Powerline Road, which have combined traffic counts of more than 81,000 vehicles per day, the center serves a densely-populated and affluent customer base with approximately 323,995 residents within a five-mile radius.
Weingarten Realty Investors now owns a total of 227 properties, which are located in 18 states, representing approximately 27.6 million square feet of leasable area.
The HFF investment sales team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate directors Nat Scarmazzi and Scott Wadler.
Image courtesy of Weingarten