May 30, 2024
Starwood Property Trust Sells Westlake Shopping Center For $20M
Starwood’s Barry Sternlicht with 5060 Seminole Pratt Whitney Road

Starwood’s Barry Sternlicht with 5060 Seminole Pratt Whitney Road (Katz & Associates)

Barry Sternlicht’s Starwood Property Trust is the most up-to-date landlord to dollars out of a grocery keep-anchored buying middle in South Florida.

An affiliate of Starwood, primarily based in Miami Beach and Greenwich, Connecticut, marketed Grove Marketplace, a 77,000-square-foot shopping center at 5060 Seminole Pratt Whitney Road in Westlake, for $19.5 million, information clearly show. The offer breaks down to about $253 a sq. foot.

A consortium of 4 entities managed by a few diverse people today purchased the 8.75-acre assets, financed with a $14.5 million home loan from ConnectOne Bank.

The potential buyers include things like Michael Gleit, controlling husband or wife of Edge Ventures, a Brooklyn-primarily based relatives workplace specializing in retail serious estate Peter Tiflinsky, a principal of Englewood Cliffs, New Jersey-dependent Premier Builders and Jacob Khotoveli, founder and running companion of Hollywood-based mostly JBL Asset Management.

JLL’s Eric Williams brokered the sale. In 2016, Starwood compensated $3.4 million for Grove Market when the browsing heart was devoid of an anchor tenant, records demonstrate.
Crafted in 1999, Grove Marketplace signed Winn-Dixie to a long-term lease for a 53,000-sq.-foot store last yr. The grocer lately opened, in accordance to Jon Cashion with Katz & Associates Retail Genuine Estate Advisors, which will keep on to manage leasing at Grove Sector. Other tenants contain Napa Car Pieces, Planes Dental, Gator Shack and Sunshine Nails of PB, a leasing brochure states.

It’s been a seller’s market place for grocery shop-anchored purchasing centers in South Florida. This thirty day period, a joint undertaking involving Pebb Enterprises and Banyan Improvement marketed Mainstreet at Boynton in Boynton Beach front for $33 million, or $630 a square foot. Katonah, New York-based Carlyle Administration purchased the 52,000-square-foot procuring centre anchored by Sprouts.

Previous month, Weston-dependent professional serious estate investor Beth Azor offered Plantation Crossing in Plantation to the Madrid-Miami partnership Azora Exan for $22.2 million. Azor fetched about $314 a square foot for the 70,000-square-foot, Aldi-anchored buying heart.

Also in August, Miami Seashore-based Savitar Realty Advisors bought Palm Trails Plaza for $17 million, nearly double the former sale selling price in 2016 of $9.1 million. Boca Raton’s James Batmasian obtained the 77,000-square-foot retail plaza anchored by a Walmart Neighborhood Sector.