Trinity Place Holdings announced that it has closed on the sale of the Shoppes of Forest Hill Neighborhood Shopping Center in Palm Beach County, Florida to Riverstone Capital Group for $19.6 million
Anchored by Walmart Marketplace, the 112,364 square foot center is located at the busy intersection of Forest Hill Boulevard and South Military Trail.
Consistent with the company’s business plan, Trinity Place Holdings completed its capital improvement program which began in 2015 and has increased occupancy at the revitalized center from approximately 30% to approximately 93% leased with the recently executed lease with Humana Market Point.
After repayment of the outstanding mortgage and closing costs, the company received approximately $8.3 million in net proceeds.
“Over the last few years, we have successfully repositioned our Palm Beach property, one of the last Syms legacy properties, by revitalizing the center, bringing in high quality anchor tenants, and increasing overall occupancy to 93%,” said Matthew Messinger, President and CEO of Trinity Place Holdings. “This strategy, which we have previously articulated, resulted in a significant increase to shareholder value which we will now look to redeploy into our core multi-family strategy in the New York City area.”
Luis Castillo, Danny Finkle, Eric Williams and Megan Fitzpatrick of JLL’s Miami office represented the company on this transaction.