The Real Deal Miami

Colorado partnership sells Wellington retail center for $43M

LA Fitness-anchored shopping center is 96% leased
By Katherine Kallergis | February 14, 2019 08:45AM

Pointe at Wellington Green, Luis Castillo, Danny Finkle and Eric Williams

A Colorado partnership sold the Pointe at Wellington Green shopping center for $43 million.

The Centre at Wellington Green Ltd. sold the 21-acre property at 10100 Forest Hill Boulevard to the Pointe at Wellington LLC, a company led by Plantation investor Daryl Stair of Stair Property Management.

HFF’s Daniel Finkle, Luis Castillo and Eric Williams represented the seller. Maxx Carney and Matt McCormack of HFF represented the buyer in securing a $13.5 million, 13-year, fixed-rate loan from Principal Real Estate Investors, according to a release.

The seller is controlled by Alan Cogen of Boulder, Colorado. The partnership paid $7.75 million for the property in 2002.

The 107,368-square-foot shopping center, is 96 percent leased, according to the release. It is anchored by LA Fitness and leased to Saito’s Japanese Steak House, Sports Clips, Five Guys, Jamba Juice, Olive Garden, Don Ramon Cuban Cuisine and Franco’s Italian Restaurant.

In November, Pebb Capital and Pebb Enterprises sold the Shoppes at Isla Verde, also in Wellington, for $74 million. That property is leased to Best Buy, Ulta, Old Navy, Petco, Total Wine and other retailers. HFF also brokered that deal.