$92.75 million sale of South Florida’s Deerfield Mall closed by HFF
MIAMI, FL – May 9, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $92.75 million sale of Deerfield Mall, a 394,248-square-foot, Publix-anchored, community shopping center located in the South Florida community of Deerfield Beach.
HFF marketed the property on behalf of the sellers, CP Deerfield LLC and Land Trust Agreement 1001-SOD. Weingarten Realty Investors purchased the asset free and clear of existing debt.
Completed in 1988 and renovated in 2001, Deerfield Mall 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 94.9-percent-leased shopping center is 84 percent occupied by national tenants, including Publix, 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. The property is situated 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. Situated in northern Broward County (Fort Lauderdale MSA) just south of Boca Raton, the center serves a densely-populated and affluent customer base with approximately 323,995 residents within a five-mile radius.
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.
“Weingarten's acquisition of Deerfield Mall is consistent with our disciplined strategy to acquire dominant centers in high barrier to entry markets,” said Richard Carson, regional vice president of Development and Acquisitions for Weingarten Realty Investors. “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.”
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At March 31, 2016, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 227 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 44.5 million square feet of which our interests in these properties aggregated approximately 27.6 million square feet of leasable area. To learn more about the company’s operations and growth strategies, please visit www.weingarten.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.