Walmart-anchored shopping center in WPB sells for $20M

Riverstone Capital Group paid $174 psf for Shoppes of Forest Hill

Dec.December 02, 2019 11:30 AM
Riverstone Capital Group founder Jorge Portela and Shoppes of Forest Hill at 4316-4450 Forest Hill Boulevard (Credit: Google Maps)

Riverstone Capital Group founder Jorge Portela and Shoppes of Forest Hill at 4316-4450 Forest Hill Boulevard (Credit: Google Maps)

Riverstone Capital Group bought a Walmart-anchored shopping center in West Palm Beach for $19.6 million.

The Coral Gables-based investment group bought the 112,364-square-foot Shoppes of Forest Hill at 4316-4450 Forest Hill Boulevard for $174 per square foot, records show. New York-based Trinity Place Holdings sold the property.

JLL’s Luis Castillo, Danny Finkle and Eric Williams represented Trinity Place Holdings in the transaction. The brokerage also helped Riverstone Capital Group secure a $13 million, seven-year permanent loan from SunTrust Bank.

Tenants at Shoppes of Forest Hill include Walmart Neighborhood Market, Advance Health Care, Florida Lottery, Tire Kingdom, Taco Bell, Boston Market, Rent-A-Center and Supercuts.

Built in 1985, the shopping center last sold for $5.6 million in 2001.

Riverstone Capital Group is led by Jorge Portela, a former director with the Miami office of HFF.

Trinity Place Holdings is a publicly traded real estate investment firm. It has about 700,000 square feet under management or under construction, according to its website. The company is developing a mixed-use condominium at 77 Greenwich Street in Lower Manhattan.

Walmart-anchored shopping centers and retail centers near Walmart are highly desirable for investors. In June, Toronto-based Northbridge Investment Management bought the Riverbend Marketplace next to a Walmart in Fort Lauderdale for $38.5 million.

In May, Macken Companies sold a Walmart-anchored shopping center in Miami Gardens for $11.85 million, or $190 per square foot, to a Hollywood-based company.

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