Weingarten sells Pembroke Pines shopping center at a loss

Weingarten sells Pembroke Pines shopping center at a loss

Thursday, December 21, 2017

Caption: Flamingo Pines Plaza and Danny Finkle from HFF (Credit: HFF)

Real estate investment trust Weingarten Realty Investors just sold a Walmart-anchored shopping center in Pembroke Pines for $33.2 million, property records show.

The 139,500-square-foot community shopping center at 12520 Pines Boulevard traded at a loss. Records show Weingarten paid $43.7 million, or about $315 per square foot, for the plaza in 2005. After more than a decade, the shopping center REIT sold the Flamingo Pines Plaza for nearly $240 per foot.

JBL Asset Management, a Coral Springs real estate company, is the buyer. JBL financed the deal with a $27.2 million loan from Regions Bank.

The shopping plaza is nearly 100-percent leased to Florida Technical College, USPS, Goodwill, Mattress Firm, Honey Baked Ham, State Farm, Sunrise Medical Group and other tenants. The Walmart store was not included in the deal.

HFF’s Daniel Finkle, Luis Castillo, Eric Williams and Kim Flores represented the seller, according to the release.

Weingarten, based in Houston, made headlines last year after paying $285 million for the Palms at Town & Country in Miami’s Kendall neighborhood.

JBL is active throughout the southeastern U.S., and manages a portfolio of more than over 2 million square feet of retail centers, according to its website. It sold a Coral Springs retail plaza last year for $17.7 million.

Source: The Real Deal