{"id":1004166013,"date":"2017-02-06T05:02:12","date_gmt":"2017-02-06T13:02:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004166013"},"modified":"2022-12-08T17:05:03","modified_gmt":"2022-12-09T01:05:03","slug":"two-florida-retail-centers-change-hands-for-163m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/two-florida-retail-centers-change-hands-for-163m\/","title":{"rendered":"Two Florida Retail Centers Change Hands for $163M"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004166014\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004166014\" data-attachment-id=\"1004166014\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/two-florida-retail-centers-change-hands-for-163m\/westfork-plaza-pembroke-pines-fla\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg\" data-orig-size=\"1404,936\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1473007215&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;50&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Westfork Plaza, Pembroke Pines, Fla.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Westfork Plaza, Pembroke Pines, Fla.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg?w=1024\" class=\"size-medium wp-image-1004166014\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg\" alt=\"Westfork Plaza, Pembroke Pines, Fla.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg 1404w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Westfork-Plaza-Pembroke-Pines-Fla..jpg?resize=1024,683 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004166014\" class=\"wp-caption-text\">Westfork Plaza, Pembroke Pines, Fla.<\/p><\/div>\n<p><strong>Miami<\/strong>\u2014InvenTrust Properties Corp. has acquired Paraiso Parc and Westfork Plaza, two adjacent retail centers in Pembroke Pines, Fla., for $163 million.<\/p>\n<p>When an expansion is finished in mid-2017, the two centers will total nearly 389,000 square feet.<\/p>\n<p>\u201cThe acquisition of Paraiso Parc and Westfork Plaza represents a truly unique opportunity to secure an A+ asset in one of South Florida\u2019s strongest retail submarkets,\u201d Michael Podboy, InvenTrust\u2019s EVP, chief financial officer &amp; chief investment officer, said in a prepared release. \u201cThis 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\u2019s existing portfolio.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cThese combined retail centers are a fantastic asset,\u201d Christopher Covey, InvenTrust\u2019s senior vice president of transactions, said in prepared remarks. \u201cThis 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.\u201d<\/p>\n<p><em>Image courtesy of InvenTrust Properties Corp.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When an expansion is finished in mid-2017, the properties will total nearly 389,000 square feet.<\/p>\n","protected":false},"author":451,"featured_media":1004166014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1492,21742,21749],"tags":[33413,33161,33412],"class_list":["post-1004166013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-miami","category-latest","category-retail","tag-christopher-covey","tag-inventrust-properties","tag-michael-podboy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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