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Partnership Sells Two High-Occupancy Shopping Centers for $40M

MIAMI-A New Jersey partnership led by the Morris Cos. paid an average of about $135.65 per sf for the two centers, with a total of 294,875 sf. The two centers--Wedgewood Commons in Stuart and Concourse Village in Jupiter--are 95% and 100% occupied, respectively.

By Melissa Bogdany | Updated on August 03, 2004

MIAMI-A locally based partnership between Schiff Properties, Turnberry Associates and Lehman Bros. sold two shopping centers in South Florida to a New Jersey partnership led by the Morris Cos. for a total of $40 million. On average, the centers, which have 294,875 sf combined, sold for approximately $135.65 per sf.

One of the properties involved in the transaction was Wedgewood Commons, a 165,905-sf shopping center in Stuart in Martin County. Publix Supermarkets anchors this center, which is 95% occupied and has a few small spaces remaining. The center was built in 1987.

The other property involved was Concourse Village, a 128,970-sf shopping center in Jupiter in Palm Beach County. Concourse Village, which TJ Maxx and Ross Dress for Less anchor, is 100% occupied. It was built in 1983.

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