The Real Deal Miami

Delray-based Redfearn invests in Port St. Lucie retail

Joint-venture acquisition includes a shopping center and land approved for retail development
January 23, 2016 12:45PM

Publix-anchored Shoppes at St. Lucie West

Publix-anchored Shoppes at St. Lucie West

Delray Beach-based Redfearn Capital and a joint-venture partner acquired a Publix-anchored shopping center in Port St. Lucie and an adjacent parcel of vacant land approved for retail development.

Redfearn and Morristown, New Jersey-based Hampshire Companies  paid an undisclosed amount for the Shoppes at St.  Lucie West, a 264,000-square shopping center anchored by a 48,890-square-foot Publix supermarket. Other tenants include Burlington Coat Factory, LA Fitness and HomeGoods.

The joint-venture acquisition included 13 vacant acres approved for the development of 120,000 square feet of retail space, which Redfearn and Hampshire Companies plan to pursue.

Redfearn Capital will manage the property and will oversee tenant selection at Shoppes at St. Lucie West, located at 131-1363 St. Lucie West Boulevard. The  retail property in Port St. Lucie is within two miles of both Interstate 95 and Florida’s Turnpike. Its daily traffic counts exceed 44,000 cars.

Robert Schmitt, principal at Hampshire Companies, said in a press release, “This transaction represents the first acquisition for our HUH II Fund, which has a strong retail focus with a value-add strategy of acquiring dominant shopping … and future development opportunities in growing communities.”