The Real Deal Miami

LNR sells Wellington shops to New York investor for $19.4M

Anchors include Barnes & Noble, hhgregg and Pier 1 Imports
By Katherine Kallergis | January 10, 2017 10:30AM

Shoppes at Wellington Green. Inset: HFF’s Luis Castillo

LNR Partners just sold a Wellington shopping center to an investor based in Katonah, New York for $19.43 million. 

Records show Wellington 2006 C29 LLC sold the Shoppes of Wellington Green to Welling Realty LLC, an entity controlled by Charles Rosner, a private investor. It traded for nearly $150 per square foot.

The 130,836-square-foot shopping center, at 10500-10590 Forest Hill Boulevard, is anchored by Barnes & Noble, hhgregg and Pier 1 Imports. Other tenants include Panera Bread, Starbucks, the Vitamin Shoppe and La Granja Wellington. Built in 2002, the shops sit on a 15.3-acre property fronting Forest Hill and Edge boulevards. The property, developed by Boca Raton-based Cedar Development, is also across the street from the Mall at Wellington.

HFF managing director Luis Castillo, director Eric Williams and senior managing director and co-head of firm’s retail practice Daniel Finkle represented the seller, a special servicer of commercial mortgage-backed securities, according to a press release. John Mitchell, senior vice president of Miami Beach-based LNR, also represented the seller.

The property sold out of foreclosure in 2011 after tenants Circuit City and Linens ‘n Things closed their doors and former owner Schmier & Feurring Properties fell behind on its $31 million mortgage. The last recorded sale is $33.3 million in 2011.

Castillo said in the release that the deal was a “significant value-add opportunity.” He could not immediately be reached for comment.

In March of last year, a restaurant group led by the Miami-based Yeung family paid $9.5 million, or $629 per square foot, for the Walgreens at 10420 Forest Hill Boulevard.