Weingarten sells Pembroke Pines shopping center

139,500 sf community shopping center traded for about $240 psf

Dec.December 21, 2017 03:00 PM

Caption: Flamingo Pines Plaza and Danny Finkle from HFF (Credit: HFF)

UPDATED Dec. 22, 10:25 a.m.: Real estate investment trust Weingarten Realty Investors just sold a Walmart-anchored shopping center in Pembroke Pines for $33.2 million, property records show.

The 139,500-square-foot community shopping center at 12520 Pines Boulevard traded for about $240 per foot. Records show Weingarten paid $43.7 million, or about $315 per square foot, for the plaza in 2005, which includes an adjacent 15.5 acre Publix shopping center that Weingarten still owns.

JBL Asset Management, a Coral Springs real estate company, is the buyer. JBL financed the deal with a $27.2 million loan from Regions Bank. Aryeh Meiteles of Meridian Capital Group arranged the financing on behalf of the buyers.

The shopping plaza is nearly 100-percent leased to Florida Technical College, USPS, Goodwill, Mattress Firm, Honey Baked Ham, State Farm, Sunrise Medical Group and other tenants. The Walmart store was not included in the deal.

Records show Weingarten bought the 135,600-square-foot out-parcel that Walmart anchors from Home Depot in 2008 for $9 million. Three years later the REIT sold the out-parcel to Walmart for $12.6 million, under the entity name Flamingo Pines Investors, LLC.

HFF’s Daniel Finkle, Luis Castillo, Eric Williams and Kim Flores represented the seller, according to the release.

Weingarten, based in Houston, made headlines last year after paying $285 million for the Palms at Town & Country in Miami’s Kendall neighborhood.

JBL is active throughout the southeastern U.S., and manages a portfolio of more than over 2 million square feet of retail centers, according to its website. It sold a Coral Springs retail plaza last year for $17.7 million.

Correction: A previous version of the article incorrectly stated Weingarten sold the shopping plaza at a loss.

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