Weingarten Realty Investors sold Flamingo Pines Plaza in Pembroke Pines for $33.2 million.
The Houston-based commercial real estate firm (NYSE: WRI) sold the 139,462-square-foot shopping center at 12502, 12520, 12594 and 12630 Pines Blvd. to JBL Flamingo Pines and JBL Flamingo Pines 2, both affiliates of Hollywood-based JBL Asset Management. Regions Bank provided a $27.25 million mortgage to the buyers.
Built in 1989, Flamingo Pines Plaza last traded for $43.75 million in 2005, although that deal included a neighboring property that wasn't included in the recent deal.
According to HFF, the shopping center is 99.2 percent leased with tenants such as Florida Technical College, a U.S. Post Office, Goodwill, Mattress Firm, Honey Baked Ham, State Farm and Sunrise Medical Group. It’s next to a Walmart Supercenter and a Publix.
“Pembroke Pines’ population density, growth and affluence make it one of the most highly coveted retail submarkets in South Florida,” Williams said. “Flamingo Pines Plaza’s prime location at the heart of the Pines Boulevard retail corridor adjacent to a high-volume Publix and Walmart Supercenter was attractive to investors.”
SOURCE: BIZ JOURNALS