Holliday Fenoglio Fowler, L.P. (HFF) announces the $73.75 million sale of the Shoppes at Isla Verde, a 207,030-square-foot, trophy grocery-anchored power retail center in the infill South Florida community of Wellington, to institutional asset manager, MetLife Investment Management.
The HFF team marketed the property on behalf of the seller, Shoppes at Isla Verde, Ltd, a partnership that includes PEBB Enterprises and Pebb Capital. PEBB Enterprises will continue to manage and lease the property for the new owner.
Completed in 2008, The Shoppes at Isla Verde is 94.2 percent leased to a variety of tenants, including Best Buy, Ulta Beauty, Jo Ann Fabrics and Crafts, Petco, Off Broadway Shoes, Total Wine and More and CVS. The Shoppes at Isla Verde is also the future home to Sprouts Farmers Market. Located along Wellington’s primary retail corridor, the center is at 960 South State Road 7 and is visible to more than 56,000 vehicles per day. Additionally, the power center is less than a mile from both The Mall at Wellington Green, a super-regional mall that draws shoppers year-round, and Wellington Regional Medical Center. Located in affluent Palm Beach County, more than 66,000 residents earning an average annual household income of $113,200 live within a three-mile radius of the Shoppes at Isla Verde.
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.
“It was a privilege to represent PEBB Enterprises and Pebb Capital in the sale of Shoppes at Isla Verde,” Finkle said. “This is one of the finest retail projects in South Florida that sets a high standard in terms of functional design, best-in-class tenancy and market dominant location.”
About PEBB Enterprises
PEBB Enterprises’ entrepreneurial spirit traces its roots back to 1973, when the family-owned company was founded in South Florida. A full-service private equity real estate investment company, PEBB has continued to operate as a family-owned business for over four decades and take enormous pride in its team of forward-thinking associates and entrepreneurial minds who continue to push and expand the company’s growth on a daily basis. PEBB’s driving force is the acquisition and development of high-quality neighborhood, regional and power shopping centers and suburban office buildings. The company’s diverse collection of tenants enjoy a mutual success while reflecting a balance of local, regional and national retailers. Its shopping destinations are a testament to the kind of business relationships and synergy PEBB strives to foster. Visit https://pebbenterprises.com for more information.
About Pebb Capital
Founded in 2014 by the Rosenberg family, Pebb Capital is an opportunistic multi-strategy real estate and private equity investment firm. Pebb Capital invests across the capital stack and focuses on value-oriented and cyclically-defensive investments that generate attractive risk-adjusted returns. For further information, visit http://pebbcap.com.
About HFF
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.
