MetLife Investment Management paid $74m for Shoppes at Isla Verde in Wellington, Florida. Resting on a 22-acre site, the 207,030 sq ft grocery-anchored retail center is located in the heart of one of Palm Beach County’s most affluent submarkets. Currently 94 percent leased, the asset’s tenant roster includes national retailers like Best Buy, Ulta, Old Navy, Petco, Total Wine, Anthony’s Coal Fired Pizza, Chipotle, Verizon Wireless, HSBC, Panda Express and CVS. The sellers were the principal owners of PEBB Capital and Pebb Enterprises, which will continue to manage and lease the property.
“Shoppes at Isla Verde has been a hallmark project for the family, but collectively, we decided that now was the right time to pass along this high-quality asset and continue our focus on other successful projects and ventures,” said Ian Weiner, president and CEO of PEBB Enterprises.
