Loss of Nordstrom at Wellington mall drags taxable value down by as much as $50M

Starwood paid $341M for the mall in 2014, then an all-time record real estate sale in Palm Beach County

TRD MIAMI /
Jun.June 13, 2019 02:30 PM
Palm Beach County property appraiser Dorothy Jacks, Barry Sternlicht and the Mall at Wellington Green

Palm Beach County property appraiser Dorothy Jacks, Barry Sternlicht and the Mall at Wellington Green

The Mall at Wellington Green, Wellington’s biggest taxpayer, will likely see a drop in its taxable value by up to $50 million, according to the Palm Beach County Property Appraiser’s Office.

The property appraiser is lowering its estimate for the mall to $170 million to $180 million, from $220 million. That’s thanks in part to the April loss of Nordstrom, an anchor tenant, according to the Palm Beach Post.

Starwood Capital Group’s Starwood Retail Partners bought the property in 2014 for $341.1 million, marking the largest real estate deal ever recorded in the county at the time.

Last year, Starwood paid $4.5 million in property taxes for the Mall at Wellington Green. Anchor tenants like Macy’s, Dillards and JCPenney, which own their spaces and parking lots, pay their own taxes, according to the Post.

An overall increase in property values will boost the village’s taxable values on a year-over-year basis, despite the expected drop in the mall’s taxable value. Wellington’s property values could total $8.66 billion next year, up from $8.3 billion this year.

Starwood Retail Partners, led by chairman Barry Sternlicht, owns 30 malls and shopping centers across the country, according to its website. [Palm Beach Post]Katherine Kallergis


Related Articles

arrow_forward_ios
27359 South Dixie Highway and Longpoint Realty Managing and Founding Partner Dwight Angelini (Google Maps)

Longpoint buys Fresco Y Mas-anchored center in Naranja

Longpoint buys Fresco Y Mas-anchored center in Naranja
Neil Hirsch and Coach House (Getty)

Saddle up: Sales launch at Wellington luxury condo development aimed at polo players

Saddle up: Sales launch at Wellington luxury condo development aimed at polo players
Hard Rock Cafe at Bayside Marketplace (Hard Rock)

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
Rendering of American Dream Miami, Triple Five Group chairman Nader Ghermezian

Triple Five “inching closer” to construction on American Dream Miami

Triple Five “inching closer” to construction on American Dream Miami
4402-4678 North University Drive, Todd Nepola

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M
Mitchell Kaplan and Books & Books at 927 Lincoln Road (Google Maps) 

Books & Books closes its chapter on Lincoln Road

Books & Books closes its chapter on Lincoln Road
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...