We closed on The Palms at Town & Country on July 27, 2016. The center is located in Miami—one of the best performing retail markets in the nation. Although we think the photos speak for themselves, we’ve detailed below just a few reasons we’re in love with our most recent acquisition.
Financially, The Palms at Town & Country is the largest acquisition in Weingarten Realty’s 68-year history. At just 639,662 square feet, the shopping center sold for $285 million.
That’s $750,000 more than our acquisition of nineteen California shopping centers in 2001. Totaling more than 2.5 million square feet, that acquisition cost a cool $277.5 million. Per square foot, The Palms cost four times as much.
Did we mention The Palms is also our largest shopping center? It’s 1,662 square feet larger than our former largest property, Tropicana Beltway Center in Las Vegas, Nevada.
The Palms spans more than 72 acres and includes 3,720 parking spaces. More than 70 businesses lease space at the shopping center.
At least seven retailers anchor the center: Publix, Kohl’s, Marshall’s, Nordstrom Rack, Dick’s Sporting Goods, Total Wine and CVS.
The five-mile trade area buying power is $8.5 billion. The trade area has the highest buying power in Miami, exceeding even that of Aventura Mall (the third largest shopping center in the US) by $1.6 billion.
Miami-Dade county has seen exponential population and employment growth over the past decade, which has contributed to its historically low retail per capita.
The area’s extreme natural barriers to entry also contribute to the low retail per capita. The Everglades to the west and the Atlantic Ocean to the east prevent suburban sprawl and outward market expansion.