HFF closes $53.5 million sale of Whole Foods-anchored retail center in South Florida
MIAMI, FL – April 27, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $53.5 million sale of Wellington Green Commons, a 112,354-square-foot, Whole Foods-anchored retail center in Wellington, a village in Palm Beach County, Florida.
HFF marketed the property on behalf of the seller, Schmier & Feurring Properties. Weingarten Realty Investors purchased the asset.
Built in two stages in 2008 and 2010, Wellington Green Commons is comprised of the 96,774-square-foot shopping center that contains the Whole Foods Market, inline shops, AT&T outparcel and an undeveloped pad site in addition to a 15,580-square-foot outparcel with Chili's Grill & Bar, Macaroni Grill and BP Amoco/Dunkin Donuts. The property is 98.49-percent leased, and tenants of the inline shops include Jason’s Deli, Moe’s Southwest Grill, Massage Envy Spa, Orange Theory Fitness, AmTrust Bank, Posch Boutique and My Community Pharmacy. Situated on 30.1 acres at 2525, 2545-2665 and 2741 South State Road 7 in eastern Wellington, the asset is adjacent to the 1.3 million-square-foot Mall at Wellington Green. In 2014, within a three-mile radius of the property, there were 57,315 residents with an average annual household income of nearly $90,000 with 30 percent of residents with annual household incomes exceeding $100,000.
The HFF team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo, associate director Nat Scarmazzi and director analyst Kim Flores.
“Wellington Green Commons’ combination of top tier tenancy and irreplaceable location in one of South Florida’s most affluent residential communities made this a highly coveted investment opportunity,” Finkle said.
About Schmier & Feurring Properties
For more than 30 years, Schmier & Feurring Properties has built its reputation as one of the leading retail and office developers in South Florida. Since its first project in Boca Raton, Florida, in 1981, S&F has developed more than three million square feet of retail, office, industrial and residential real estate throughout Florida and Michigan. Schmier & Feurring Properties maintains a long term investment strategy and seeks to create value through development and acquisition. The company's diversified portfolio of high quality assets has helped Schmier & Feurring prosper through all phases of the real estate cycle. With its depth of experience, reputation and financial stability, Schmier & Feurring Properties is well positioned to capitalize on new opportunities and continue its history of success. Learn more at sfrealty.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.