HFF ANNOUNCES $43M SALE AND $13.5M FINANCING FOR DOMINANT LA FITNESS-ANCHORED SHOPPING CENTER IN SOUTH FLORIDA
MIAMI, FL – February 14, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $43 million sale of and the $13.5 million acquisition financing for The Pointe at Wellington Green, a 107,368-square-foot, dominant, LA Fitness-anchored shopping center in the South Florida community of Wellington.
The HFF team marketed the property on behalf of the seller, the Centre at Wellington Green, LTD. The Pointe at Wellington, LLC purchased the asset. Additionally, working on behalf of the new owner, the HFF team placed the 13-year, fixed-rate acquisition loan with Principal Real Estate Investors.
Anchored by LA Fitness, The Pointe at Wellington Green is 96 percent leased to a top-tier mix of food, fitness and service tenants, including Saito’s Japanese Steak House, Sports Clips, Five Guys, Jamba Juice, Olive Garden, Don Ramon Cuban Cuisine and Franco’s Italian Restaurant. The center is situated on 21.3 acres at 10100 Forest Hill Boulevard adjacent to the Mall at Wellington Green. The property is at a high-profile regional location at the intersection of Forest Hill Boulevard and South State Road 7, which, with a combined traffic count of approximately 100,000 vehicles a day, is Wellington’s busiest intersection. The area is also home to an affluent Palm Beach County customer base, with 65,391 residents earning an average annual household income of $117,014 residing within a three-mile radius of the center.
The HFF investment advisory team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo and director Eric Williams.
The HFF debt placement team representing the new owner consisted of director Maxx Carney and associate Matt McCormack.
“The Pointe at Wellington Green is one of the premier retail centers in Wellington and has a long history of success,” Finkle said. “The combination of dynamic and diverse tenancy with an irreplaceable location in a highly desirable trade area made this a highly sought-after acquisition opportunity.”
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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