South Florida Joint Venture Buys 6 Shopping Centers

MIAMI-Two South Florida developers have formed a joint venture and purchased six Florida shopping centers, totaling more than 835,000 sf, for $73 million. Turnberry Associates of Aventura, FL and the 40-year-old Schiff Cos., based here, bought the open-air shopping centers as a package deal from American Capital Partners, also of Miami. Individual center costs were not provided.Turnberry-Schiff Properties was designed to expand the shopping center portfolio of both companies. The six centers they purchased, include: the 212,000-sf South Dade Shopping Center in Miami, the 182,500-sf Miller Square in Miami, the 153,500-sf Wedgewood Commons in Stuart, the 133,000-sf Concourse Village in Jupiter, the 106,000-sf Shoppes at Carrollwood in Tampa, and the 48,000-sf Colonial Square in Tampa.Drew Barkett of Turnberry Associates says the new venture is seeking centers in “viable areas with strong anchors, such as Publix Supermarkets.” The two companies have worked together on several transactions in the past several years, and the most recent purchases bring their joint portfolio of owned strip centers to more than 2 million sf.Turnberry Associates, a full-service real estate development and property management firm founded in 1967, specializes in developing upscale residential and retail projects. The company’s portfolio includes class A office space, apartments, hotels and luxury resorts. Notable projects in South Florida include Aventura Mall, Turnberry Isle Resort and Club, One Turnberry Place, and Turnberry Plaza.Shiff Cos. has developed residential units, including apartments, as well as commercial properties. The company also provides property management and leasing services for the properties it owns, including Quail Roost Shopping Center, Old Cutler Towne Center, Nob Hill Professional Building and Nob Hill West Apartments.