Sale of The Palms at Town & Country in Miami Closed by HFF

MIAMI--(BUSINESS WIRE)--

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Palms at Town & Country in Miami, which, at 667,757 square feet, is one of the largest and most iconic open-air retail centers in South Florida.

HFF marketed the property on behalf of the seller, TIAA Global Asset Management. Weingarten Realty Investors purchased the retail center free and clear of existing debt.

The Palms at Town & Country is anchored by Publix, Marshalls, Dick's Sporting Goods, Nordstrom Rack, Total Wine & More, Kohl's, Toys"R"Us, 24-Hour Fitness and Forever 21 Red, in addition to inline shop and restaurant tenants, including Blue Martini, Corner Bakery Café, Casavana Cuban Cuisine, CVS, New York & Company and Bath & Body Works. Situated on 70 acres at the Florida Turnpike and Kendall Drive interchange in Miami, The Palms at Town & Country is located at 8505 Mills Drive. This "main and main" location is visible to more than 200,000 vehicles per day with an estimated 485,400 people inhabiting a five-mile radius. Redeveloped in 2009, the multi-building center has a Mediterranean theme and is landscaped with a large central water feature with pedestrian bridge and fountain.

The HFF team that represented the seller was led by senior managing director and co-head of HFF's retail practice Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.

"Investor demand for core, regionally dominant retail centers with strong growth potential far exceeds available investment opportunities in the market," Finkle said. "As a result, The Palms at Town & Country was highly coveted."

"We are extremely pleased to announce our acquisition of The Palms at Town & Country in Miami, Florida," said Rick Carson, vice president/senior regional director of Development and Acquisitions for Weingarten Realty Investors. "Weingarten's acquisition of this marquis asset is consistent with our disciplined strategy to acquire dominant centers in high-barrier-to-entry markets. The 667,000-square-foot center includes both a community center and a lifestyle center and is anchored by a market-leading grocer along with several top-tier power center and fashion tenants. This important acquisition serves to further strengthen Weingarten's national portfolio of high-performing centers."

About TIAA Global Asset Management

TIAA Global Asset Management provides investment advice and portfolio management through Teachers Insurance and Annuity Association of America (TIAA) and more than a dozen affiliated registered investment advisers. Collectively managing $889 billion in assets, the business provides access to innovative investment strategies through expertise that spans traditional and alternative asset classes, generating new investment opportunities for clients through a wide array of vehicles, including funds, customized strategies and solutions. TIAA Global Asset Management is committed to TIAA's legacy of helping individuals and institutional clients achieve long-term investment success and financial wellbeing.

About Weingarten Realty Investors

Weingarten Realty Investors WRI is a shopping center owner, manager and developer. At March 31, 2016, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 227 properties, which are located in 18 states spanning the country from coast to coast. These properties represent approximately 44.5 million square feet of which our interests in these properties aggregated approximately 27.6 million square feet of leasable area. To learn more about the company's operations and growth strategies, please visit www.weingarten.com.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HF. HFF operates out of 23 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 hfflp.com or follow HFF on Twitter @HFF.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160801006232/en/