Turnberry-Schiff Completes Last Two Sales of $119M Deal

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MIAMI-A joint venture of two locally based developers–Turnberry Associates and Schiff Cos.–has sold the last two neighborhood shopping centers in a six-property, more than $119 million combined sale. The total price reflects a $46-million increase from the sale price two years ago.The Morris Cos., Woolbright Development Inc., Principal Real Estate Investors and Ideal Management purchased separate properties from the joint venture, Turnberry-Schiff Properties. The sale finalizes the disposition of the combined 835,000-sf portfolio, which occurred in four separate transactions.The properties, located in Miami-Dade County, Jupiter, Stuart and Tampa, sold for $73 million in September 2002.The six centers were South Dade Shopping Center, a 212,000-sf center in Miami, which Woolbright Development Inc. bought for $23.9 million; Miller Square, a 182,000-sf center in Miami, which Principal Real Estate Investors bought for $35 million; Concourse Village, a 133,000-sf center in Jupiter, and Wedgewood Commons, a 153,500-sf center in Stuart, which the Morris Cos. purchased for nearly $40.3 million; and Shoppes at Carrollwood, a 106,000-sf center, and Colonial Square, a 48,000-sf center, both in Tampa, which Ideal Management bought for approximately $20.3 million.”The disposition of the portfolio happened much quicker than originally anticipated due to favorable market conditions and the fact that anchored shopping centers are the favored asset class today,” according to Steven Schiff, a principal in Turnberry-Schiff Properties.”These six centers have excellent tenants and are very well-maintained, making them an excellent investment,” Drew Barkett, director of development and real estate for Turnberry Associates, adds.Turnberry-Schiff Properties was formed about two years ago specifically to expand each firm’s shopping center portfolio. “This particular venture allowed us to pursue additional projects utilizing our joint experience and strengths,” says Schiff.