West Palm Beach Shopping Center Sells for $20M
- Nov 29, 2019
Trinity Place Holdings has sold The Shoppes of Forest Hill, a 112,364-square-foot neighborhood shopping center in West Palm Beach, Fla. Riverstone Capital Group paid $19.6 million for the Walmart-anchored property that was 93 percent leased at the time of sale. Trinity will use part of the proceeds to pay down the outstanding balance of a $12.6 million loan held by Citizens Bank, according to Palm Beach County records. JLL represented the seller in the deal.
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Located at 4316-4450 Forest Hill Blvd., the retail center is near the intersection of Forest Hill Boulevard and South Military Trail, where the combined car traffic is around 92,000 vehicles per day. The 12-acre property is 7.5 miles southwest of downtown West Palm Beach.
Built in 1985, The Shoppes of Forest Hill underwent a capital renovation in 2015. Walmart Neighborhood Market became a tenant in 2016, changing the profile and performance of the property. A mix of national, regional and local companies are currently on the tenant roster. The retail center caters to more than 150,000 people living within a 3-mile radius and earning an average household income of more than $56,000.
JLL’s Luis Castillo, Daniel Finkle, Eric Williams and Megan Fitzpatrick assisted the seller in the disposition. The brokerage team was also instrumental in the recent $39.8 million sale of a 393,387-square-foot regional shopping center in Ocala, Fla.