{"id":1004149385,"date":"2016-08-03T01:37:13","date_gmt":"2016-08-03T09:37:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004149385"},"modified":"2020-05-14T03:50:51","modified_gmt":"2020-05-14T11:50:51","slug":"miami-retail-center-changes-hands-for-285m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-retail-center-changes-hands-for-285m\/","title":{"rendered":"Miami Retail Center Changes Hands for $285M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/p>\n

\"The<\/a>

The Palms at Town & Country<\/p><\/div>\n

Miami<\/strong>\u2014Weingarten Realty Investors<\/a> has acquired The Palms at Town & Country, a 667,757-square-foot open-air retail center in Miami, from TIAA Global Asset Management<\/a>. The property fetched a whopping $285 million, according to the South Florida Business Journal<\/a><\/em>.<\/p>\n

HFF<\/a> represented the seller in the transaction, led by Senior Managing Director & Co-head of HFF\u2019s retail practice Daniel Finkle, Managing Director Luis Castillo and Associate Director Nat Scarmazzi.<\/p>\n

\u201cThe Palms at Town and Country is a highly productive regional shopping center with tremendous near and long-term value creation opportunities that can materially grow the property\u2019s cash flow as well as continue to solidify the property\u2019s fortress retail status in the Miami market,\u201d Finkle told Commercial Property Executive<\/a><\/em>. \u201cThis combination is unique, especially in one of the strongest retail markets in the country.\u201d<\/p>\n

The Palms at Town & Country’s retail roster includes Publix, Marshalls, Dick\u2019s Sporting Goods, Nordstrom Rack, Total Wine & More, Kohl\u2019s, Toys\u201dR\u201dUs, 24-Hour Fitness and Forever 21 Red. It also boasts restaurant such as Blue Martini, Corner Bakery Caf\u00e9 and Casavana Cuban Cuisine.<\/p>\n

Located at 8505 Mills Drive, the property sits on 70 acres at the Florida Turnpike and Kendall Drive, a \u201cmain and main\u201d location visible by more than 200,000 vehicles per day with an estimated 485,400 people inhabiting a 5-mile radius.
\n\u201cThe population density of the surrounding market is unparalleled with prominent visibility from two of the area\u2019s most heavily trafficked thoroughfares\u2014Kendall Drive and Florida Turnpike,\u201d Finkle said. \u201cKendall is one of the most desirable retail market for retailers and restaurants and The Palms is at the epicenter of the market.\u201d<\/p>\n

The center was redeveloped in 2009 with a Mediterranean theme and is landscaped with a large central water feature with a pedestrian bridge and fountain.<\/p>\n

\u201cWeingarten\u2019s acquisition of this marquis asset is consistent with our disciplined strategy to acquire dominant centers in high-barrier-to-entry markets,\u201d Rick Carson, Weingarten Realty Investors vice president & senior regional director of development and acquisitions, said in a prepared release. \u201cThe 667,000-square-foot center includes both a community center and a lifestyle center and is anchored by a market-leading grocer along with several top-tier power center and fashion tenants. This important acquisition serves to further strengthen Weingarten\u2019s national portfolio of high-performing centers.\u201d<\/p>\n

Image courtesy of JLL<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

An affiliate of Weingarten Realty Investors acquired The Palms at Town & Country in Kendall, Fla., from New York-based TIAA.<\/p>\n","protected":false},"author":451,"featured_media":1004149391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1492,21742,21749],"tags":[],"class_list":["post-1004149385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-miami","category-latest","category-retail"],"acf":[],"yoast_head":"\nMiami Retail Center Changes Hands for $285M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/miami-retail-center-changes-hands-for-285m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami Retail Center Changes Hands for $285M\" \/>\n<meta property=\"og:description\" content=\"An affiliate of Weingarten Realty Investors acquired The Palms at Town & Country in Kendall, Fla., from New York-based TIAA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miami-retail-center-changes-hands-for-285m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-03T09:37:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T11:50:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/The-Palms-photo2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"776\" \/>\n\t<meta property=\"og:image:height\" content=\"494\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miami-retail-center-changes-hands-for-285m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miami-retail-center-changes-hands-for-285m\/\",\"name\":\"Miami Retail Center Changes Hands for $285M - 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