By Keith Loria, Contributing Editor
Miami—InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza, two adjacent retail centers in Pembroke Pines, Fla., for $163 million.
When an expansion is finished in mid-2017, the two centers will total nearly 389,000 square feet.
“The acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an A+ asset in one of South Florida’s strongest retail submarkets,” Michael Podboy, InvenTrust’s EVP, chief financial officer & chief investment officer, said in a prepared release. “This property represents the type of high-quality properties InvenTrust will continue to invest in as we execute on our portfolio transformation. Additionally, from this transaction, we anticipate operational efficiencies in this key target market for InvenTrust’s existing portfolio.”
Located just 20 miles northwest of downtown Miami and 15 miles southwest of Fort Lauderdale, the two centers feature national tenants such as Publix, Costco, Regal Cinemas, Ross and TJ Maxx.
“These combined retail centers are a fantastic asset,” Christopher Covey, InvenTrust’s senior vice president of transactions, said in prepared remarks. “This asset is well occupied, with strong best-in-class retail anchors, and we believe this is an excellent fit for our portfolio as the properties have superb demographics in the vibrant South Florida market.”
Image courtesy of InvenTrust Properties Corp.