MIAMI—Westfork Plaza and Paraiso Parc, two neighboring retail centers in Pembroke Pines spanning 388,557 square feet, just traded hands. The collective sale price: $163 million.
The Miami-based Cushman & Wakefield investment sales team of executive managing directors Mark Gilbert and Adam Feinstein and financial associate Mitchell Halpern negotiated the disposition on behalf of an ownership venture of New York-based DRA Advisors and Boca Raton, FL-based Woolbright Development. InvenTrust Properties, an Oakbrook, IL-based REIT, acquired the asset. DRA in December was part of a $50.3 million office deal in Orlando.
“This was a highly complex transaction since significant construction was in progress and the sellers will remain involved post-closing to complete the construction and position new tenants in place,” Gilbert tells GlobeSt.com. The two parties and their respective counsels demonstrated great professionalism and patience to work through the issues and complete what will be one of South Florida's largest retail transaction in 2017.”
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