Barry Sternlicht’s Starwood Home Rely on is the hottest landlord to hard cash out of a grocery retail store-anchored procuring centre in South Florida.
An affiliate of Starwood, centered in Miami Beach and Greenwich, Connecticut, bought Grove Market place, a 77,000-square-foot procuring center at 5060 Seminole Pratt Whitney Street in Westlake, for $19.5 million, data show. The offer breaks down to about $253 a square foot.
A consortium of 4 entities managed by 3 distinct men and women bought the 8.75-acre house, financed with a $14.5 million house loan from ConnectOne Financial institution.
The prospective buyers involve Michael Gleit, controlling associate of Edge Ventures, a Brooklyn-primarily based relatives office environment specializing in retail genuine estate Peter Tiflinsky, a principal of Englewood Cliffs, New Jersey-primarily based Leading Developers and Jacob Khotoveli, founder and managing companion of Hollywood-based mostly JBL Asset Management.
JLL’s Eric Williams brokered the sale. In 2016, Starwood paid $3.4 million for Grove Current market when the searching heart was without having an anchor tenant, records show.
Developed in 1999, Grove Industry signed Winn-Dixie to a lengthy-term lease for a 53,000-sq.-foot retailer past 12 months. The grocer not long ago opened, according to Jon Cashion with Katz & Associates Retail Authentic Estate Advisors, which will continue on to tackle leasing at Grove Sector. Other tenants incorporate Napa Automobile Areas, Planes Dental, Gator Shack and Sunshine Nails of PB, a leasing brochure states.
It is been a seller’s marketplace for grocery retailer-anchored purchasing centers in South Florida. This thirty day period, a joint undertaking between Pebb Enterprises and Banyan Enhancement marketed Mainstreet at Boynton in Boynton Seashore for $33 million, or $630 a sq. foot. Katonah, New York-primarily based Carlyle Administration bought the 52,000-square-foot purchasing middle anchored by Sprouts.
Last month, Weston-primarily based commercial actual estate investor Beth Azor sold Plantation Crossing in Plantation to the Madrid-Miami partnership Azora Exan for $22.2 million. Azor fetched about $314 a sq. foot for the 70,000-square-foot, Aldi-anchored purchasing centre.
Also in August, Miami Beach front-based Savitar Realty Advisors marketed Palm Trails Plaza for $17 million, almost double the past sale price in 2016 of $9.1 million. Boca Raton’s James Batmasian obtained the 77,000-sq.-foot retail plaza anchored by a Walmart Neighborhood Current market.