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Weingarten Realty Acquires Iconic Miami Retail Center

TIAA Sells 664,000-SF Open Air Center for $285 Million
August 3, 2016
Weingarten Realty Investors is betting big on the South Florida retail market. After buying the 394,000-square-foot, Publix-anchored Deerfield shopping center in Deerfield Beach, FL for $93 million, the Houston-based retail REIT just closed on its $285 million acquisition of The Palms at Town & Country, a 664,000-square-foot open air center in Miami.

"We are extremely pleased with the addition of a premier asset, The Palms at Town & Country, to our portfolio," said Drew Alexander, Weingarten's president and CEO, in a statement announcing the deal. "Its trade area buying power, a combination of median household income and density, is comparable to the most successful properties in the state, including Aventura and Dadeland Mall."

The REIT funded the purchase price through borrowings under our $500 million unsecured revolving credit facility. However, it plans to proceed with a public notes offering and would use portions of the proceeds to repay the facility.

Located at 8505 Mills Dr., The Palms serves the affluent Kendall and West Kendall communities and is one of the largest open-air retail centers in South Florida. It was redeveloped in 2009 and features such top retailers as Publix, Marshalls, Dick’s Sporting Goods, Nordstrom Rack, Total Wine & More, Kohl’s, Toys'R Us, 24-Hour Fitness and Forever 21 Red. Its inline shop and restaurant tenants include Blue Martini, Corner Bakery Café, Casavana Cuban Cuisine, CVS, New York & Company and Bath & Body Works.

HFF marketed the property on behalf of the seller, TIAA Global Asset Management. 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.”

For more information, see CoStar Sale Comp ID: 3661402

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