December 4, 2019
Riverstone Capital Group has acquired the Shoppes of Forest Hill Neighborhood Shopping Center in Palm Beach County for $19.6 million.
Anchored by Walmart Marketplace, the 112,364 square foot center is located at the intersection of Forest Hill Boulevard and South Military Trail. The seller, Trinity Place Holdings, completed its capital improvement program which began in 2015 and has increased occupancy at the center from 30% to approximately 93% leased with a recently executed lease with Humana Market Point.
Luis Castillo, Danny Finkle, Eric Williams and Megan Fitzpatrick of JLL’s Miami office represented Trinity Place Holdings in the transaction. After repayment of the outstanding mortgage and closing costs, Trinity Place received approximately $8.3 million in net proceeds.
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