Search
 

South Florida Joint Venture Buys 6 Shopping Centers

MIAMI-Turnberry Associates of Aventura, FL and Schiff Cos., based here have formed Turnberry-Schiff Properties and purchased more than 835,000 sf of retail space in the state for $73 million.

By Melissa Bogdany | Updated on November 19, 2002

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.