Houston-based REIT, Weingarten Realty Investors, has picked up a Publix’s anchored mall in Kendall for $285 million. Located near the Florida Turnpike exit on Kendall Drive, The Palms at Town and Country Mall, boasts 734,637 sqf of commercial space on a 70 acre site. Originally built in 1985 and renovated in 2009, the retail center traded for just under $388 per sqf. Holliday Fenoglio Fowler’s Daniel Finkle, Luis Castillo and Nat Scarmazzi represented the seller WRC Properties, an affiliate of TIAA. The proerty was 87 percent leased at the time of sale with national tenants Kohl’s, Nordstrom Rack, Dick’s Sporting Goods, Marshalls and CVS pharmacy.
“We are extremely pleased to announce our acquisition of The Palms at Town and Country in Miami, Florida,” said Rick Carson, VP/senior regional director of Development and Acquisitions for Weingarten Realty Investors. “Weingarten’s acquisition of this marquis asset is consistent with our disciplined strategy to acquire dominant centers in high-barrier-to-entry markets.”
