BOCA RATON, FL-Houston-based Weingarten Realty Investors has acquired a 1.25-million-sf, seven-property shopping center portfolio from locally based Woolbright Development Inc. for $325 million or about $260 per sf. Cushman & Wakefield brokers who negotiated for Woolbright call the deal one of the largest retail portfolio sales in recent Florida history.

The acquisitions in South Florida and Central Florida major markets bring Weingarten's portfolio in Florida to 35 shopping centers totaling five million sf. The Cushman & Wakefield team of Mark Gilbert and Adam Feinstein, which has closed $1 billion of investment sale transactions in the past 18 months, completed the transaction in two separate closings. Gilbert-Feinstein sold Weingarten its first shopping center in Florida in 1999. Feinstein tells GlobeSt.com about 20 REITs and institutional owners sought to buy the properties. Weingarten was selected in July.

"This was a truly rare retail offering for Florida, based on its sheer size, prime locations in major markets, quality of anchor tenancy and income growth prospects," says Gilbert. Publix is the anchor at four of the centers, "a particularly strong selling point for investors," the broker notes. "When you take into account that Florida is one of the fastest growing markets in the country…if you are in the shopping center business for the long haul…then this portfolio was a no slam dunk."

Woolbright executive vice president Mike Fimiani says the completion of the transaction "gives us the opportunity to reinvest a significant amount of capital into both redevelopment and ground-up development transactions." He says Woolbright is in "a major acquisition mode" and is "aggressively purchasing properties throughout the state."

Feinstein calls the acquisition "a perfect fit for Weingarten which seeks high quality anchored retail centers located in major markets that generate secure income streams." He adds, "Woolbright's ability to find investment opportunities and to add value to retail centers through superior leasing and management is unmatched at the present time in the Florida marketplace."

The acquired properties are Alafaya Square, Oveido, Seminole County, 176,486 sf; the Marketplace at Dr. Phillips, Orlando, 327,561 sf; International Drive Value Center, Orlando, 185,664 sf; East Lake Woodlands, Palm Harbor, Pinellas County, 144,603 sf; Palm Lakes Plaza, Margate, Broward County, 113,752 sf; Kendall Corners, Kendall, Miami-Dade County, 96,515 sf; and South Dade Shopping Center, Cutler Bay, 219,473 sf.