Federal Realty Investment Trust, the same firm that nabbed headlines this year when it acquired Miami’s CocoWalk and Shops at Sunset Place retail centers, just sold a large shopping strip in Wellington for $52.8 million.
The sale includes a 110,724-square-foot shopping center called the Courtyard Shops at Wellington, located on 13 acres at 13860 Wellington Trace. Federal also sold the complex’s five outparcels, which house three banking locations, a Shell gas station and a McDonald’s.
Palm Beach County records show the buyer was Real Sub LLC, which is managed by executives of Publix Supermarkets Inc. The shopping center is anchored by a Publix.
The grocery chain announced in March that it would invest $1.3 billion in real estate, building new stores and technology during 2015.
Federal first acquired the shops in 2008 for $37.9 million, according to a news release at the time. The firm made a cool $14.9 million premium over what it paid seven years ago.
The firm has made a name of itself in South Florida with institutional-level investments: in October, Federal and its local partners paid $110 million for the Shops at Sunset Place in South Miami. And in May, the firm purchased a majority interest in CocoWalk, an open-air shopping center in Coconut Grove.