Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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 for $285 million, 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.
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.
“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.”
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