Weingarten Realty Investors, a Houston-based shopping center developer, recently acquired Deerfield Mall in Deerfield Beach, Florida — shored up by a Publix supermarket and several highly recognizable national-level retail stores — for a price of $92.75 million.
The Deerfield Mall represents Weingarten’s largest South Florida investment to date, aligning with the company’s grocery-based portfolio assets, currently numbering 16. The firm’s acquisitions year-to-date come to $136.3 million. As of the end of the first quarter of 2016, its holdings totaled 227 properties located in 18 different states nationwide.
In addition to the well-known Publix, the mall also houses T.J. Maxx, Marshalls, Cinépolis, and Ulta Beauty among its nearly 200 stores. While the shopping center serves relatively affluent neighborhoods including Boca Raton, Coconut Creek and adjacent communities in Broward and Palm Beach counties, its rental fees are presently below market rate, facilitating future redevelopment.
“We are extremely pleased with the addition of this signature asset, Deerfield Mall, to our South Florida portfolio,” Weingarten Realty’s Drew Alexander, President and CEO, said. “It has a strong tenant line up and future growth potential.”
The Deerfield Mall, comprising 394,248 square feet, was built in 1988 and renovated in 2001. A Youfit Health Club and branch outlets of Sports Authority, Dollar Tree, Five Below, The Avenue, Panera Bread, First Watch and Taco Bell also occupy space in the shopping hub.