Why One Firm Bet $285M on Kendall Retail

Sitting on 70 acres at the Florida Turnpike and Kendall Drive interchange in Miami, The Palms at Town & Country is located at 8505 Mills Drive.

MIAMI—One of the most iconic open-air retail centers in South Florida has traded hands. The Palms at Town & Country in Miami, which spans 667,757 square feet, sold for $285 million. HFF ‘s senior managing director and co-head of HFF’s retail practice Daniel Finkle , managing director Luis Castillo and associate director Nat Scarmazzi marketed the property on behalf of the seller, TIAA Global Asset Management .  Weingarten Realty Investors purchased the retail center free and clear of existing debt. “The Palms at Town and Country’s combination of fortress location, dominant tenancy, and high-quality physical improvements is irreplaceable and unparalleled,” Finkle tells GlobeSt.com. “Rarely does an opportunity of this scale and magnitude become available in one of the nation’s strongest performing and most desirable retail markets.” Publix, Marshalls, Dick’s Sporting Goods, Nordstrom Rack, Total Wine & More, Kohl’s, Toys”R”Us, 24-Hour Fitness and Forever 21 Red anchor the retail center. Inline shop and restaurant tenants, including Blue Martini, Corner Bakery Café, Casavana Cuban Cuisine, CVS, New York & Company and Bath & Body Works, have also claimed their stake at the retail property. Sitting on 70 acres at the Florida Turnpike and Kendall Drive interchange in Miami, The Palms at Town & Country is located at 8505 Mills Drive. The location is visible to more than 200,000 vehicles per day with an estimated 485,400 people inhabiting a five-mile radius. The multi-building retail center has a Mediterranean theme. It was redeveloped in 2009. “Weingarten’s acquisition of this marquis asset is consistent with our disciplined strategy to acquire dominant centers in high-barrier-to-entry markets,” says Rick Carson , vice president and senior regional director of development and acquisitions at Weingarten. “The 667,000-square-foot center includes both a community center and a lifestyle center and is anchored by a market-leading grocer along with several top-tier power center and fashion tenants.  This important acquisition serves to further strengthen Weingarten’s national portfolio of high-performing centers.”