The Real Deal Miami

JBL Asset Management pays $18M for Wellington shopping center

Colorado investor Alan Cogen is the seller of Plaza at Wellington Green
By Keith Larsen | January 14, 2019 01:30PM

Jacob Khotoveli, managing director of JBL Management

UPDATED, Jan. 15, 10:48 a.m.: JBL Asset Management bought the Plaza at Wellington Green for $18 million, a month after the Hollywood-based company acquired another shopping center nearby.

JBL Asset Management purchased the 10-acre property at 2205 South State Road 7 in Wellington for $311 per square foot from Plaza at Wellington Green Owners, records show. Plaza at Wellington Green Owners is tied to Colorado real estate investor Alan Cogen. Starwood Capital Group has a right of first refusal to purchase the property if it is offered for sale, according to property records.

The HFF investment advisory team of Daniel Finkle, Luis Castillo and Eric Williams represented the seller.

Men’s Wearhouse anchors the 10-acre property. It is part of Wellington Green Mall, a 1.28-million-square-foot super regional shopping center anchored by Macy’s, Nordstrom, Dillard’s and JCPenney.

JBL Asset Management is led by Jacob Khotoveli. The firm bought a Burlington-anchored shopping center in Royal Palm Beach in December for $20.7 million.

Khotoveli said the shopping center in Wellington is Class A and is 100 percent leased. He also said it has a lot of visibility since it is off South State Road. He said Wellington is a growing market due to its rising population.

The property was last purchased in 2003 for $6 million and then developed in 2004.

JBL Asset Management owns and manages more than 2 million square feet of shopping centers across the country, according to its website.

While many retailers are struggling to make money and large chains such as Toys “R” Us have filed for bankruptcy, some real estate investors are seeing buying opportunities. Palm Beach-based Sterling Organization and other have set up funds to buy some of these distressed retail shopping centers and Class B properties throughout the country.

Correction: A previous version of the story misrepresented the seller