JLL Capital Markets arranged the sale of the 76,356-square-foot Grove Market at West Lake in Palm Beach County
News release
12 September 2022
Grocery-anchored retail center in Florida sells for $19.5M
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MIAMI, Sept. 12, 2022 – JLL Capital Markets announced today that it has closed the $19.5 million sale of Grove Market at Westlake, a 76,356-square-foot, grocery-anchored property located in Westlake, Florida within Palm Beach County.
JLL represented the seller and procured the buyer, Premier Developers.
Built in 1999 and renovated in 2021, the center is 94.7% leased to a diverse mix of food and beverage, medical and service uses and is led by a recently added Winn-Dixie in their new prototype. Additional tenants include Napa Auto Parts, Gator Shack, Exit Realty, Il Pomodoro, Great Wall, Lox Nails and more.
Located at 5060 Seminole Pratt Whitney Rd., the property has high visibility location within Westlake, Palm Beach’s newest upscale master-planned development, and upon buildout, the community will include 4500 new homes, an entertainment-sports complex, two million square feet of commercial space and a 35-acre Wellington Regional Medical Complex. Additionally, the center has access to an affluent customer base with an average household income of $97,309 within three miles.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director Danny Finkle, Senior Director Eric Williams and Vice President Kim Flores.
“Grocery-anchored centers in South Florida remain in high demand from investors,” said Finkle. “The outstanding residential growth occurring in the Westlake area along with the high barriers to entry in the immediate area ensure Grove Market’s long-term success.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Premier Developers
Premier Developers, based in Englewood Cliffs, New Jersey, was founded by Peter Tiflinsky over 20 years ago and has focused on the construction of residential homes and commercial buildings across the greater New Jersey area. Over the course of 20 years, Peter Tiflinsky has been responsible for the development of hundreds of custom homes and numerous residential buildings. Premier Developers also partners in other ventures to broaden market opportunities; expanding into new neighborhoods, including New York City and Florida.