The Real Deal Miami

Hines sells Broward shopping complex to multifamily company: $28M

Property was part of $271 million portfolio purchase in 2008

August 15, 2016 10:30AM
By Sean Stewart-Muniz

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Shoppes at Parkland and Hines CEO Jeffrey Hines

Shoppes at Parkland and Hines CEO Jeffrey Hines

Hines, a private investment firm headquartered in Texas, just traded its stake in a Parkland shopping center to Preferred Apartment Communities for $27.6 million.

The retail plaza, known as the Shoppes at Parkland, is located at 5901-5933 West Hillsboro Boulevard in the city’s more densely developed eastern end.

Measuring 145,652 square feet, the strip is fully leased with a BJ’s wholesale store as the anchor tenant and several smaller businesses like an ice cream parlour, nail salon and chiropractor filling out the remaining space.

In 2008, Hines had purchased a 70 percent stake in the Parkland shops and 11 other properties as part of a $271 joint venture deal with Weingarten Realty Investors. As part of the deal, Weingarten continued its management of the portfolio.

Weingarten, a major South Florida commercial real estate firm, had originally paid $22.6 million for the Shoppes at Parkland in 2006, according to county records. Hines’ buy-in was recorded as $15.6 million, or about $107 per square foot.

Now, the investment company has sold its stake for $189 per foot. It’s unclear if Weingarten’s ownership portion was included in the deal. Requests for comment to both Hines and Weingarten were not immediately returned.

The buyer is Preferred Apartment Communities, a Georgia real estate firm that specializes in multifamily properties. According to its website, the company also diversifies a chunk of its assets to grocery-anchored properties — like the Parkland plaza — and real estate debt.