Principal just sold Weston Lakes Plaza at a high $239.56 per sf, or a total of $23.12 million at a capitalization rate of just under 7%. The buyer of the property, which was built seven years ago, was a West Coast-based pension fund. Principal paid quite a bit less--$13.2 million--for the property in December 1997.
"There was an incredible level of interest from some of the most sophisticated and savvy professional investors in the world," Azor says in a statement about the recent sale, adding that the shopping center is located in "the highest income submarket in the highest growth county of the highest growth state."
The 96,342-sf shopping center is anchored by a 47,955-sf Publix supermarket. Other tenants include: Blockbuster Video, Eckerd, Starbucks, Subway and Baskin Robbins.
Terranova, a third-party commercial real estate advisory firm based in Miami represented Principal Global Investors in the transaction. Terranova, which advised Principal in its acquisition of this property, has managed and leased the property during the period Principal owned it.
In addition, last year, Terranova represented Principal in the $20 million sale of companion property Country Isles Plaza. This 106,343-sf plaza is located at 1160 Weston Road in Weston. The plaza originally was acquired with Weston Lakes Plaza.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
