MIAMI, FL – HFF announced today that it has closed the sale of Weston Shops, a 30,420-square-foot neighborhood center in Weston, Florida.
HFF marketed the properties on behalf of the seller, an affiliate of Spirit Realty Capital, Inc., which was advised by Coventry Land Company. Savitar Properties, Inc. purchased the asset free and clear of existing debt.
Weston Shops is located at 4473-4477 Weston Road just off Interstate 75 and Griffin Road in suburban Broward County. Completed in 2007, the center is 100 percent occupied and consists of a 14,820-square-foot Walgreens, a 4,000-square-foot Mayors Jewelers and an 11,600-square-foot multi-tenanted strip center situated on approximately four acres.
The HFF team representing the seller was led by senior managing director Danny Finkle, director Luis Castillo and managing director Coler Yoakam.
HFF has capitalized more than $4.3 billion in retail assets nationally through third quarter 2013. The HFF Florida team has capitalized more than $476 million in retail transactions during this time.
Spirit Realty Capital, Inc. (NYSE: SRC) was formed in 2003 to invest in single-tenant operationally essential real estate, which refers to generally free-standing, commercial real estate facilities where tenants conduct retail, service or distribution activities that are essential to the generation of their sales and profits. Spirit Realty Capital completed a merger with Cole Credit Property Trust II, Inc. on July 17, 2013. As a result, Spirit Realty Capital has an estimated enterprise value of approximately $7 billion comprising a diverse portfolio of approximately 2,083 properties across 48 states as of September 30, 2013. There are approximately 370.4 million shares of post-merger Spirit Realty Capital common stock outstanding as of September 30, 2013. More information about Spirit Realty Capital can be found at www.spiritrealty.com. .
Coventry Land Company is a leading real estate investment manager offering a broad array of services to institutional investors seeking superior risk-adjusted returns in the value-add retail/mixed-use property sector. Founded in 1998, the firm has invested more than $2.5 billion in transactions since inception through Funds I, II, and III. www.coventryadvisors.com.
Based in Miami, Savitar Realty Advisors is a real estate investment management organization that owns or controls approximately 4,000,000 square feet of commercial properties with an active presence in 6 states.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.