Holliday Fenoglio Fowler, L.P. (HFF) announces the $18 million sale of The Plaza at Wellington Green, a 57,221-square-foot, fully leased community shopping center in the Palm Beach County community of Wellington, Florida.
The HFF team marketed the property on behalf of the seller, Plaza at Wellington Green Owners, LLC. JBL Asset Management purchased the asset.
Completed in 2004, The Plaza at Wellington Green is fully leased to a diverse mix of retail, food, medical and service tenants, including Office Depot, Bethesda Health Physicians, Kabuki, Devine Bistro, Zen Massage, Petrover Orthodontics, Flanigan’s, The Men’s Wearhouse and Woof Gang Bakery. Located along Wellington’s primary retail corridor, the center is at 2205 South State Road 7 and is visible to more than 56,000 vehicles per day. Additionally, The Plaza at Wellington Green is proximate to The Mall at Wellington Green, a 1.3-million-square-foot super-regional mall that draws shoppers year-round. Located in affluent Palm Beach County, more than 65,000 residents earning an average annual household income of $117,014 live within a three-mile radius of The Plaza at Wellington Green.
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 Plaza at Wellington Green represented a rare opportunity to acquire one of the best located retail assets within the highly coveted Wellington submarket,” Williams said. “The investor response to this offering was very strong and is a testament to the continued demand for retail investment opportunities in Wellington given its strong fundamentals and exceptional demographics.”
This sale comes on the heels of HFF’s announcement last fall of the closing of the $73.75 million sale of the Shoppes at Isla Verde, a 207,030-square-foot, trophy grocery-anchored power retail center that is proximate to The Plaza at Wellington Green.
About JBL Asset Management
JBL Asset Management is a fully integrated commercial real estate investment company that primarily invests in retail shopping centers in major MSAs across the country. JBL’s current portfolio spans over two million square feet and is located across 10 different states. Founded in 2005, the firm’s investment philosophy has continued to evolve along with market cycles and new opportunities. JBL’s integrity and speed of execution have made it a sought after transaction partner for institutional and private investors alike. Visit http://www.jblmgmt.com for more information.
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.
