Starwood Capital Group's nontraded REIT has offloaded a Whole Foods Market-anchored West Palm Beach shopping center for slightly more than it paid to acquire it three years ago.
:quality(75))
An affiliate of Miami Beach-based Starwood Real Estate Income Trust sold The Marketplace at the Outlets to Atlanta-based Invesco for $133.2M, according to property records provided by Vizzda.
Invesco assumed the $79M CMBS loan tied to the center, which Starwood took out when it bought the center from a Clarion Partners affiliate for $130M, the South Florida Business Journal reported at the time. Wilmington Trust is serving as trustee of the debt, with SitusAMC listed as servicer, according to Vizzda.
The 304K SF power center at 1821 Palm Beach Lakes Blvd. was built in 2014 and 2019 on a 28-acre plot. Besides Whole Foods, it also houses larger retailers like Nordstrom Rack, Marshalls, TJ Maxx and Ulta.
The sale generates some cash for SREIT, which launched in 2018. It nearly depleted its $1.6B credit line last year to cover investor redemptions, raising concerns about a liquidity squeeze.
SREIT has offloaded $1.4B in assets this year and plans to sell $300M more this quarter, according to the company's first-quarter report.
Last month, former SREIT CEO Sean Harris was replaced by former Goldman Sachs executive Nora Creedon, who is expected to start next month.
Starwood and Invesco declined to comment.
Invesco has $91B in real estate assets under management, according to its website. In one of its latest South Florida moves, Invesco sold its 55% stake in Palma Tower One in Downtown Doral to Codina Partners for $98M.
)
)
)
)
)
)
)
)
)
)
)
)