HFF announces sale of infill South Florida community shopping center
MIAMI, FL – December 21, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Flamingo Pines Plaza, a 139,462-square-foot community shopping center shadow anchored by Walmart Supercenter in the Broward County community of Pembroke Pines, Florida.
The HFF team marketed the property on behalf of the seller, Weingarten Realty Investors. JBL Asset Management purchased the asset.
The 99.2-percent-leased Flamingo Pines Plaza is home to national and regional tenants, including Florida Technical College, USPS, Goodwill, Mattress Firm, Honey Baked Ham, State Farm and Sunrise Medical Group. The center is at 12520 Pines Boulevard in the heart of the Pembroke Pines retail submarket in an infill location east of Interstate 75 and adjacent to the 1.1 million-square-foot Pembroke Lakes Mall. Located at the intersection of two major thoroughfares, Pines Boulevard and Flamingo Road, the property is exposed to approximately 115,500 vehicles per day. More than 136,182 residents earning an average annual household income of $83,810 live within a three-mile radius of the center.
The HFF team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo, director Eric Williams and associate Kim Flores.
“Pembroke Pines’ population density, growth and affluence make it one of the most highly coveted retail submarkets in South Florida,” Williams said. “Flamingo Pines Plaza’s prime location at the heart of the Pines Boulevard retail corridor adjacent to a high-volume Publix and Walmart Supercenter was attractive to investors.”
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2017, 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 210 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 42.4 million square feet of which our interests in these properties aggregated approximately 27.2 million square feet of leasable area. To learn more about the company’s operations and growth strategies, please visit weingarten.com.
About JBL Asset Management
JBL Asset Management is a privately held fully integrated service commercial real estate company specializing in Retail Shopping Center acquisitions, management, and development. Founded in 2005 by Jacob Khotoveli, JBL invests private capital on behalf of itself, and its investment partners. JBL is based in South Florida and invests in major MSA’s on the Eastern half of the US. JBL’s portfolio currently exceeds over 2,000,0000 square feet of real estate, and is actively in pursuit of additional opportunities in major MSA's throughout the country with deal sizes up to $40,000,000. JBL has transacted with numerous institutions and has a strong reputation for execution in the industry. Visit jblmgmt.com for more information.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.