One of the properties involved in the transaction was WedgewoodCommons, a 165,905-sf shopping center in Stuart in Martin County.Publix Supermarkets anchors this center, which is 95% occupied andhas a few small spaces remaining. The center was built in 1987.
The other property involved was Concourse Village, a 128,970-sfshopping center in Jupiter in Palm Beach County. Concourse Village,which TJ Maxx and Ross Dress for Less anchor, is 100% occupied. Itwas built in 1983.
Stephen Bittel, chairman of Terranova Corp., a third-partycommercial real estate advisory firm based in Miami, and ScottRohrbach, a commercial associate in the company's capital marketsdivision, represented the seller in the transaction. "They made adecent return, so they just wanted to get out," Rohrbach says."They're not holders. They are the type of people who just kind offlip things."
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