Sells Palms At Town Country In Kendall To Weingarten 285M

Sells Palms At Town Country In Kendall To Weingarten 285M

In one of South Florida’s largest investment deals so far this year, Weingarten Realty Investors just closed its $285 million purchase of the Palms at Town & Country open-air shopping center in Kendall.

Weingarten, an investment trust based in Houston, announced the purchase Friday as part of its second-quarter earnings call. The seller is TIAA, a New York-headquartered financial services provider for academics and government employees that has about $861 billion in assets under its management.

According to county records, Weingarten made its purchase through an affiliate company named after the shopping center. Its managing member is Asset Preservation, a firm that specializes in facilitating 1031 exchanges. The exchanges are part of the U.S. tax code that allow property owners to sell their real estate and defer any taxes on their capital gains, as long as they re-invest in another property.

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: August 2nd 2016
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