MIAMI — Weingarten Realty (NYSE: WRI) has acquired The Palms at Town & Country, a 664,000-square-foot, open-air shopping center in Miami, for $285 million. WRC Properties, an affiliate of TIAA-CREF, is the seller, according to the Miami Herald.
The property features 71 retailers including Publix, Kohl’s, Nordstrom Rack, Dick’s Sporting Goods and Marshalls. National retailers comprise 87 percent of the revenue for the property.
The Palms at Town & Country is located on 70 acres at 8505 Mills Drive, and was renovated in 2010.
JLL is the exclusive leasing agent for the property, and has created events such as the Festival De Primavera Fashion Show, the Palms Restaurant Crawl and the All-American 4th of July Celebration that attracts thousands.
Weingarten Realty’s stock price closed Thursday, July 28 at $42.67 per share, up from $34.62 per share a year ago, a nearly 19 percent increase.
Weingarten Realty, a Houston-based REIT, is an owner, manager and developer of shopping centers throughout the United States.