MIAMI-A locally based partnership between Schiff Properties, Turnberry Associates and Lehman Bros. sold two shopping centers in South Florida to a New Jersey partnership led by the Morris Cos. for a total of $40 million. On average, the centers, which have 294,875 sf combined, sold for approximately $135.65 per sf.

One of the properties involved in the transaction was Wedgewood Commons, a 165,905-sf shopping center in Stuart in Martin County. Publix Supermarkets anchors this center, which is 95% occupied and has a few small spaces remaining. The center was built in 1987.

The other property involved was Concourse Village, a 128,970-sf shopping center in Jupiter in Palm Beach County. Concourse Village, which TJ Maxx and Ross Dress for Less anchor, is 100% occupied. It was built in 1983.

Stephen Bittel, chairman of Terranova Corp., a third-party commercial real estate advisory firm based in Miami, and Scott Rohrbach, a commercial associate in the company’s capital markets division, represented the seller in the transaction. “They made a decent return, so they just wanted to get out,” Rohrbach says. “They’re not holders. They are the type of people who just kind of flip things.”

In fall 2002, a joint venture between developer Turnberry Associates and the Schiff Cos., a developer based in South Florida, bought six shopping centers in Florida totaling more then 835,000 sf from American Capital Partners for $73 million. These two properties were among them.Rohrbach says he is not aware of any major changes planned for the two properties. “I think it’s just demographics, and the whole area is just booming,” he says. “There are very few spaces out in Jupiter left to build (on). Stuart is kind of being squeezed between Port St. Lucie and Jupiter.” Once a retirement area, “It’s becoming a younger and younger community each day. The market’s just booming.”

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