Done Deals: HFF announces $73.75 million sale of trophy retail center in South Florida

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.

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.

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.”

Eric Williams

PEBB Enterprises’ entrepreneurial spirit traces its roots back to 1973, when the family-owned company was founded in South Florida.

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

dfinkle@hfflp.com

LUIS CASTILLO

FL Lic. #SL3203377

HFF Managing Director

(305) 448-1333

lcastillo@hfflp.com

ERIC WILLIAMS