The Investment Sales Team of Mark Gilbert, Adam Feinstein and Mitchell Halpern Represented an Ownership Venture of DRA Advisors, LLC and Woolbright Development, Inc. in the Disposition
PEMBROKE PINES, FL, February 10, 2017 — Cushman & Wakefield announced today that it has negotiated the $163 million sale of Westfork Plaza and Paraiso Parc, two adjacent retail centers in Pembroke Pines totaling 388,557 square feet.
The Miami-based Cushman & Wakefield investment sales team of Executive Managing Director Mark Gilbert, Executive Director Adam Feinstein and Financial Associate Mitchell Halpern negotiated the disposition on behalf of an ownership venture of New York-based DRA Advisors, LLC and Boca Raton, FL-based Woolbright Development, Inc. InvenTrust Properties Corp., an Oakbrook, IL-based real estate investment trust, acquired the asset for $163 million.
Westfork Plaza is an 292,707-square-foot multi-anchor community shopping center developed in 1998. Costco owns and operates a store on the site that was not included in the sale. Paraiso Parc is a 95,850-square-foot, Publix-anchored neighborhood shopping center developed in 2007. The two adjacent centers share a signalized entrance from Pines Boulevard resulting in tremendous cross shopping.
The sellers acquired the properties in 2014 and subsequently upgraded the tenancy by re-leasing premises formerly occupied by Winn-Dixie to Ross Dress for Less and TJ Maxx. They also added junior anchors Petco, Tuesday Morning and Dollar Tree while restructuring Regal Cinema’s lease to allow for a multi-million dollar interior renovation of the premises.
In addition, the sellers obtained approvals for and started construction of 53,100 square feet of new retail space that is pre-leased to tenants including Five Below, Cabo Flats, Wing Stop and Five Guys Burgers.
“Westfork Plaza and Paraiso Parc are a perfect fit for InvenTrust, which is looking to acquire best-in-class retail centers that provide a highly secure income stream with growth potential,” said Gilbert. “This was a highly complex transaction since significant construction was in progress and the sellers will remain involved post-closing to complete the construction and position new tenants in place. The two parties and their respective counsels demonstrated great professionalism and patience to work through the issues and complete what will be one of South Florida’s largest retail transaction in 2017.”
Westfork Plaza and Paraiso Parc are located one mile west of Interstate 75 at the intersection of Pines Boulevard and Dykes Road, which is western Pembroke Pines’ busiest intersection and main retail node. The centers enjoy a truly irreplaceable in-fill location within Pembroke Pines, one of South Florida’s most highly coveted areas for retail ownership, and benefit from superb demographics and a high profile location with traffic counts exceeding 90,000 vehicles per day.
“The seller’s success in repositioning these two assets in a relatively short period of time is a testament to the strength of the West Pembroke Pines submarket,” said Gilbert. “The sellers did a fabulous job driving retailer interest to the site by helping them understand that West Pembroke Pines is an emerging submarket that was underserved.”
“Pembroke Pines is increasingly being viewed as comprised of two retail submarkets, with West Pembroke Pines’ demographics rivaling South Florida’s strongest submarkets, including Weston, Kendall and Boca Raton, in terms of population density and affluence,” added Gilbert.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.