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| Shoppes at Isla Verde, Wellington, FL |
MIAMI, FL –– Holliday Fenoglio Fowler, L.P.
(HFF) announces the $73.75 million sale of the Shoppes at Isla Verde, a
207,030-square-foot, trophy grocery-anchored power retail center in the infill
South Florida community of Wellington, to institutional asset manager, MetLife
Investment Management.
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| Daniel Finkle |
The HFF team marketed the property on behalf of
the seller, Shoppes at Isla Verde, Ltd, a
partnership that includes PEBB Enterprises and Pebb Capital.
PEBB Enterprises will continue to manage and lease the property for the new
owner.
Completed in 2008, The Shoppes at Isla Verde is
94.2 percent leased to a variety of tenants, including Best Buy, Ulta Beauty,
Jo Ann Fabrics and Crafts, Petco, Off Broadway Shoes, Total Wine and More and
CVS.
The Shoppes at Isla Verde is also
the future home to Sprouts Farmers Market. Located along Wellington’s
primary retail corridor, the center is at 960 South State Road 7 and is visible
to more than 56,000 vehicles per day.
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| Luis Castillo |
Additionally, the power center is less than a mile from both The
Mall at Wellington Green, a super-regional mall that draws shoppers year-round,
and Wellington Regional Medical Center.
Located in affluent Palm Beach County, more than 66,000 residents
earning an average annual household income of $113,200 live within a three-mile
radius of the Shoppes at Isla Verde.
The HFF investment advisory team that
represented the seller included senior managing director and co-head of HFF’s
retail practice Daniel Finkle, managing director Luis Castillo
and director Eric Williams.
“It was a privilege to represent PEBB Enterprises
and Pebb Capital in the sale of Shoppes at Isla Verde,” Finkle said.
“This is one of the finest retail projects in South Florida that sets a high
standard in terms of functional design, best-in-class tenancy and market
dominant location.”
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| Eric Williams |
A full-service private equity real estate investment company,
PEBB has continued to operate as a family-owned business for over four decades
and take enormous pride in its team of forward-thinking associates and
entrepreneurial minds who continue to push and expand the company’s growth on a
daily basis.
PEBB’s driving force is the acquisition and development of
high-quality neighborhood, regional and power shopping centers and suburban
office buildings.
Founded in 2014 by the Rosenberg family, Pebb
Capital is an opportunistic multi-strategy real estate and private equity
investment firm. Pebb Capital invests across the capital stack and focuses on
value-oriented and cyclically-defensive investments that generate attractive
risk-adjusted returns.
CONTACTS:
DANIEL FINKLE
FL Lic. #SL3043501
HFF Senior Managing Director
(305) 448-1333
LUIS
CASTILLO
FL
Lic. #SL3203377
HFF Managing Director
(305) 448-1333
ERIC WILLIAMS
FL Lic. # SL3179736
HFF Director
(305) 448-1333
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
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