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Starwood Property Trust sells Westlake Mall for $20 million

Starwood’s Barry Sternlicht with 5060 Seminole Pratt Whitney Road (Katz & Associates)

Barry Sternlicht’s Starwood Property Trust is the latest landlord to cash in on a mall anchored in a grocery store in South Florida.

A Starwood subsidiary, based in Miami Beach and Greenwich, Connecticut, sold Grove Market, a 77,000 square foot shopping center at 5060 Seminole Pratt Whitney Road in Westlake, for $19.5 million, records show. The deal comes down to around $253 per square foot.

A consortium of four entities managed by three different people purchased the 8.75-acre property, financed by a $14.5 million mortgage from ConnectOne Bank.

Buyers include Michael Gleit, managing partner of Edge Ventures, a Brooklyn-based family office specializing in commercial real estate; Peter Tiflinsky, director of Englewood Cliffs, New Jersey-based Premier Developers; and Jacob Khotoveli, founder and managing partner of Hollywood-based JBL Asset Management.

Eric Williams of JLL brokered the sale. In 2016, Starwood paid $3.4 million for Grove Market when the mall was without an anchor tenant, records show.
Built in 1999, Grove Market signed a long-term lease with Winn-Dixie last year for a 53,000 square foot store. The grocer recently opened, according to Jon Cashion of Katz & Associates Retail Real Estate Advisors, who will continue to manage the rental at Grove Market. Other tenants include Napa Auto Parts, Planes Dental, Gator Shack and Sunshine Nails of PB, a rental brochure says.

It’s a seller’s market for malls anchored in South Florida grocery stores. This month, a joint venture between Pebb Enterprises and Banyan Development sold Mainstreet to Boynton in Boynton Beach for $33 million, or $630 per square foot. Carlyle Management, based in Katonah, New York, has purchased the 52,000 square foot mall anchored by Sprouts.

Last month, Weston-based commercial real estate investor Beth Azor sold Plantation Crossing to Plantation to Madrid-Miami Azora Exan partnership for $22.2 million. Azor fetched about $314 per square foot for the 70,000-square-foot mall anchored by Aldi.

Also in August, Miami Beach-based Savitar Realty Advisors sold Palm Trails Plaza for $17 million, nearly double the previous sale price in 2016 of $9.1 million. Boca Raton’s James Batmasian acquired the 77,000 square foot mall anchored by a Walmart neighborhood market.