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

Anchors include Barnes & Noble, hhgregg and Pier 1 Imports

Jan.January 10, 2017 10:30 AM

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.

Related Articles

Weingarten Realty Investors Andrew M. Alexander and Village Green Center at 2803 South State Road (Credit: Google Maps)

Weingarten Realty pays $36M for Wellington shopping center

Andreas Helgstrand and 13560 Indian Mound Road (Credit: Facebook, Relator, and iStock)

Helgstrand Dressage buys 80-acre Wellington equestrian estate

Glenn Straub (Credit: iStock)

Wellington developer Glenn Straub charged with larceny

David MacNeil, and 13700 Quarter Horse Trail, Wellington

WeatherTech founder buys Wellington estate for $23M

Tommy Lee Jones and 12550 40th Street South (Credit: Getty Images, Zillow, and iStock)

Tommy Lee Jones sells Wellington equestrian estate for $11M

Mark Bellissimo and the International Equestrian Center (Credit: Getty Images)

Mark Bellissimo buys land near International Equestrian Center

Mall at Wellington Green Barry Sternlicht (Credit: Google Maps)

CMBS loan for Starwood’s Mall at Wellington Green is in trouble

Glenn Straub and the Palm Beach Polo and Country Club property (Credit: Google Maps)

Glenn Straub sells piece of Wellington polo club after failed development attempt