Miami’s large outdoor retail hub, The Palms at Town & Country, successfully traded hands recently as Holliday Fenoglio Fowler L.P. (HFF) passed it on to a buyer for its client, seller TIAA Global Asset Management.
Ownership of the 667,757-square-foot marketplace, one of South Florida’s largest, was transferred cleanly to new owner Weingarten Realty Investors, with no existing liens attached. Anchor stores include Publix, Marshalls, Dick’s Sporting Goods, Nordstrom Rack, Total Wine & More, Kohl’s, Toys ”R” Us, 24-Hour Fitness and Forever 21 Red, with many additional well-known occupants.
Located at 8505 Mills Dr., the shopping center is ideally situated for handling traffic and hosting the surrounding estimated population of 485,400. The sale was engineered by the three-person team of senior managing director Daniel Finkle, also co-head of HFF’s retail practice; managing director Luis Castillo, and associate director Nat Scarmazzi.
“Investor demand for core, regionally dominant retail centers with strong growth potential far exceeds available investment opportunities in the market,” Finkle said. “As a result, The Palms at Town & Country was highly coveted.”
Weingarten Realty Investors spokesperson Rick Carson, VP/senior regional director of development and acquisitions, expressed great satisfaction with the investment.
“We are extremely pleased to announce our acquisition,” he said. “Weingarten’s acquisition of this asset is consistent with our disciplined strategy to acquire dominant centers in high-barrier-to-entry markets [and] serves to further strengthen Weingarten’s national portfolio of high-performing centers.”