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| Weston Shops, 4473--4477 Weston Road, Weston, FL |
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| Danny Finkle |
MIAMI, FL – HFF announced today that it has closed the sale
of Weston Shops, a 30,420-square-foot neighborhood center in Weston,
Florida.
HFF
marketed the properties on behalf of the seller, an affiliate of Spirit Realty
Capital, Inc., which was advised by Coventry Land Company. Savitar Properties, Inc. purchased the asset
free and clear of existing debt.
Weston Shops is located at 4473-4477 Weston Road just off Interstate 75
and Griffin Road in suburban Broward County.
Completed in 2007, the center is 100 percent occupied and consists of a
14,820-square-foot Walgreens, a 4,000-square-foot Mayors Jewelers and an 11,600-square-foot
multi-tenanted strip center situated on approximately four acres.
The
HFF team representing the seller was led by senior managing director Danny
Finkle, director Luis Castillo and managing director Coler
Yoakam.
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| Luis Castillo |
HFF has capitalized more than $4.3 billion in retail assets
nationally through third quarter 2013.
The HFF Florida team has capitalized more than $476 million in retail
transactions during this time.
Spirit Realty Capital, Inc. (NYSE: SRC) was formed in 2003
to invest in single-tenant operationally essential real estate, which refers to
generally free-standing, commercial real estate facilities where tenants
conduct retail, service or distribution activities that are essential to the
generation of their sales and profits.
Spirit Realty Capital completed a merger with Cole Credit
Property Trust II, Inc. on July 17, 2013.
As a result, Spirit Realty Capital has an estimated enterprise value of
approximately $7 billion comprising a diverse portfolio of approximately 2,083
properties across 48 states as of September 30, 2013.
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| Coler Yoakam |
There are approximately 370.4 million shares of post-merger
Spirit Realty Capital common stock outstanding as of September 30, 2013.
Coventry Land Company is a leading real estate investment
manager offering a broad array of services to institutional investors seeking
superior risk-adjusted returns in the value-add retail/mixed-use property
sector. Founded in 1998, the firm has
invested more than $2.5 billion in transactions since inception through Funds
I, II, and III.
Based in Miami, Savitar Realty Advisors is a real estate
investment management organization that owns or controls approximately
4,000,000 square feet of commercial properties with an active presence in 6
states.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel
617.543.4873 | www.hfflp.com
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