Houston REIT buys Miami shopping center
Houston-based Weingarten Realty has acquired The Palms at Town & Country, a 664,000-square-foot shopping center in Miami, for $285 million.
A seller was not disclosed; however, in September 2015, WRC Properties, an affiliate of TIAA-CREF, listed the asset on the market. In 2010, WRC Properties renovated the 70-acre shopping center.
The open-air shopping center features 71 retailers including Publix, Kohl’s, Nordstorm Rack, Dick’s Sporting Goods and Marshalls. National retailers comprise 87 percent of the revenue of the center. The shopping center serves the dense and affluent communities of Kendall and West Kendall with 171,000 people and 59,000 households in a three-mile trade area. It is situated at one of Miami’s most trafficked interstate interchanges with exposure to the Florida Turnpike and Kendall Drive which have combined traffic counts exceeding 200,000 vehicles per day.
South Florida’s retail market has been perfo