Holliday Fenoglio Fowler, L.P. (HFF) announces the $4 million sale of Village Shoppes II on 441, which comprises 44,032 square feet of retail space within a larger shopping destination in the South Florida community of Royal Palm Beach.
The HFF team marketed the property on behalf of the seller, Centre II on 441, LLLP. JBL Asset Management purchased the asset.
Village Shoppes II on 441 was completed in 2008 and was 47.8 percent leased at the time of sale to a mix of retail, restaurant and service uses, including Weight Watchers, Big Rocco’s, Gold Coast Federal Credit Union and more. The property is a part of the larger Village Shoppes on 441 retail center, which is separately owned and anchored by Burlington, Bealls and Planet Fitness. Village Shoppes II on 441 is situated on 2.1 acres at 10477 Southern Boulevard at the highly trafficked intersection of Southern Boulevard and State Road 7/U.S. Highway 441, which has more than 125,000 vehicles passing daily. The property is in the affluent Royal Palm Beach/Wellington area, and more than 78,000 residents earning an average annual household income of $101,132 live within a three-mile radius of the center.
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.
“Value-add opportunities are increasingly rare in South Florida, particularly in strong retail submarkets like Royal Palm Beach/Wellington,” Williams said. “Village Shoppes II on 441 attracted interest from both local and out of state investors.”
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.
