The REIT InvenTrust Properties has picked up two adjacent retail outlets in Pembroke Pines for a combined $163 million. The sale encompasses Westfork Plaza a 292,707 square foot community shopping center developed in 1998, and Paraiso Parc a 95,850 square foot, Publix-anchored shopping center developed in 2007. Also included in the sale is a 53,100 sqf retail extension (now under construction) that is pre-leased to tenants including Five Below, Cabo Flats, Wing Stop and Five Guys Burgers. The Miami-based Cushman & Wakefield investment sales team negotiated the disposition on behalf of an ownership venture of New York-based DRA Advisors and Boca Raton, FL-based Woolbright Development.
“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 Mark Gilbert, Cushman & Wakefield. “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.”
