The Real Deal Miami

Weingarten pays $54M for Whole Foods-anchored shops

Acquisitions total nearly 30 acres in Wellington

April 24, 2015 10:30AM
By Katherine Kallergis

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Whole Foods in Wellington and a map of Weingarten's acquisitions

Whole Foods in Wellington and a map of Weingarten’s acquisitions

Houston, Texas-based REIT Weingarten Realty picked up a Whole Foods-anchored shopping center in Wellington for $54 million, Palm Beach County records show.

Fig Development, a company tied to Boca Raton-based Schmier & Feurring Properties, sold the 97,570-square-foot shopping center to affiliates of Weingarten Realty Investors on Tuesday for $43.5 million. The shops were built between 2008 and 2010. Tenants include a Jason’s Deli, the Goddard School and a pharmacy.

Weingarten also acquired three smaller properties fronting the shopping center, according to county records, for just more than $10 million. The parcels include a 5,702-square-foot Chili’s, a 6,874-square-foot Macaroni Grille and a 3,744-square-foot gas station, all built between 2002 and 2005. Fern Development Limited, also tied to Schmier & Feurring Properties, was the seller.

Robert Schmier, president and founder of Schmier & Feurring, is listed on corporate records for both sellers.

In total, Weingarten acquired nearly 30 acres in both transactions. The company has regional offices in South Florida; Orlando; Los Angeles; Dallas; Phoenix; Sacramento, California; Raleigh, North Carolina; Las Vegas; and Atlanta.

The Mall at Wellington Green, anchored by a Macy’s and J.C. Penney, is northeast of the retail center. In October, Starwood Capital Group closed on its record-setting acquisition of the Mall at Wellington as part of a $1.4 billion portfolio purchase.

HFF’s Daniel Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores represented the seller. Weingarten Realty Investors represented the buyer.