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Two Miami-Area Shopping Centers Change Hands for $32 Million
Two Publix-anchored centers were acquired by Phillips Edison & Company. The seller of both centers was PGIM Real Estate. The 70,288 square foot Shops at Sunset Lake in Miramar and the 109,811 square foot Town Center at Jensen Beach were traded for a combined $32 million. JLL Capital Markets represented the seller, PGIM, in both transactions.
Built in 1999, Shops at Sunset Lakes is currently 98.4% occupied with the Publix grocery store anchoring the site for 23 years. The property is leased to a mix of national and local tenants, including Goodwill and State Farm Insurance.
Town Center Shops at Jensen was built in 2000. The Publix store has anchored the center for 22 years. It’s currently 83.5% occupied by a handful of national and local retailers as well, such as Culver’s, Party City and Orange Theory Fitness, among others.
The JLL team who represented the seller was led by Senior Managing Director Danny Finkle.
- ◦Sale/Acquisition
