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| The Palms at Town & Country, 8505 Mills Drive, Miami, FL |
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| Daniel Finkle |
MIAMI, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of The Palms at
Town & Country in Miami, which, at 667,757 square feet, is one of the
largest and most iconic open-air retail centers in South Florida.
HFF marketed the property
on behalf of the seller, TIAA Global Asset Management. Weingarten Realty Investors purchased the
retail center free and clear of existing debt.
The Palms at Town &
Country is anchored by Publix, Marshalls, Dick’s Sporting Goods, Nordstrom
Rack, Total Wine & More, Kohl’s, Toys”R”Us, 24-Hour Fitness and Forever 21
Red, in addition to inline shop and restaurant tenants, including Blue Martini,
Corner Bakery Café, Casavana Cuban Cuisine, CVS, New York & Company and
Bath & Body Works.
Situated on 70 acres at
the Florida Turnpike and Kendall Drive interchange in Miami, The Palms at Town
& Country is located at 8505 Mills Drive.
This “main and main” location is visible to more than 200,000 vehicles
per day with an estimated 485,400 people inhabiting a five-mile radius.
Redeveloped in 2009, the multi-building center
has a Mediterranean theme and is landscaped with a large central water feature
with pedestrian bridge and fountain.
The HFF team that represented the seller was
led by senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.
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| Luis Castillo |
“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.”
"We are extremely
pleased to announce our acquisition of The Palms at Town and Country in Miami,
Florida,” said Rick Carson, vice
president/senior regional director of Development and Acquisitions for
Weingarten Realty Investors.
“Weingarten's acquisition
of this marquis asset is consistent with our disciplined strategy to acquire
dominant centers in high-barrier-to-entry markets.
"The 667,000-square-foot center includes both
a community center and a lifestyle center and is anchored by a market-leading
grocer along with several top-tier power center and fashion tenants.
“This important
acquisition serves to further strengthen Weingarten's national portfolio of
high-performing centers.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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