Starwood Property Belief Sells Westlake Procuring Heart For $20M

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

Barry Sternlicht’s Starwood Property Belief is the newest landlord to money out of a grocery store-anchored buying middle in South Florida.

An affiliate of Starwood, based mostly in Miami Seashore and Greenwich, Connecticut, bought Grove Market, a 77,000-square-foot buying middle at 5060 Seminole Pratt Whitney Street in Westlake, for $19.5 million, information present. The deal breaks all the way down to about $253 a sq. foot.

A consortium of 4 entities managed by three totally different people purchased the 8.75-acre property, financed with a $14.5 million mortgage from ConnectOne Financial institution.

The patrons embrace Michael Gleit, managing companion of Edge Ventures, a Brooklyn-based household workplace specializing in retail actual property; Peter Tiflinsky, a principal of Englewood Cliffs, New Jersey-based Premier Builders; and Jacob Khotoveli, founder and managing companion of Hollywood-based JBL Asset Administration.

JLL’s Eric Williams brokered the sale. In 2016, Starwood paid $3.4 million for Grove Market when the buying middle was with out an anchor tenant, information present.
Inbuilt 1999, Grove Market signed Winn-Dixie to a long-term lease for a 53,000-square-foot retailer final 12 months. The grocery store just lately opened, in keeping with Jon Cashion with Katz & Associates Retail Actual Property Advisors, which can proceed to deal with leasing at Grove Market. Different tenants embrace Napa Auto Components, Planes Dental, Gator Shack and Sunshine Nails of PB, a leasing brochure states.

It’s been a vendor’s marketplace for grocery store-anchored buying facilities in South Florida. This month, a three way partnership between Pebb Enterprises and Banyan Growth bought Mainstreet at Boynton in Boynton Seashore for $33 million, or $630 a sq. foot. Katonah, New York-based Carlyle Administration purchased the 52,000-square-foot buying middle anchored by Sprouts.

Final month, Weston-based industrial actual property investor Beth Azor bought Plantation Crossing in Plantation to the Madrid-Miami partnership Azora Exan for $22.2 million. Azor fetched about $314 a sq. foot for the 70,000-square-foot, Aldi-anchored buying middle.

Additionally in August, Miami Seashore-based Savitar Realty Advisors bought Palm Trails Plaza for $17 million, practically double the earlier sale value in 2016 of $9.1 million. Boca Raton’s James Batmasian acquired the 77,000-square-foot retail plaza anchored by a Walmart Neighborhood Market.