Shoppes of Wellington Green at 10500-10590 Forest Hill Blvd. in Wellington.
Shoppes of Wellington Green at 10500-10590 Forest Hill Blvd. in Wellington. (Courtesy photo)

A New York investor purchased the Shoppes of Wellington Green for $19.43 million.

The 131,000-square-foot shopping center anchored by Barnes & Noble, hhgregg and Pier 1 Imports sold for about $149 per square foot, HFF announced Tuesday.

The real estate company marketed the property on behalf of the seller, Miami Beach-based LNR Partners LLC. The buyer was Welling Realty LLC, a company linked to Charles Rosner in Katonah, New York, according to Palm Beach County property records.

The retail center at 10500-10590 Forest Hill Blvd. is on a busy intersection that sees over 44,000 vehicles on a daily basis. The 15.3-acre plaza is across the street from the Mall at Wellington Green, the 10th largest mall in the state.

HFF’s Luis Castillo, Eric Williams and Daniel Finkle represented LNR Partners in the transaction.

“The opportunity to acquire a high-quality shopping center with a significant value-add opportunity in an affluent South Florida market is rare,” Castillo said in a news release. “Investors immediately recognized the intrinsic value in Shoppes of Wellington Green, creating an intense marketing process for the property.”

Palm Beach County’s commercial real estate market has been active for the last several months. Brokers have reported a busy 2016 that outpaced the previous year’s sales activity.

Transaction volume countywide hit $2.7 billion in the first nine months of the year, a 12.5 percent increase from the same period last year, according to CoStar Realty Information Inc.

A New York investor purchased the Shoppes of Wellington Green for $19.43 million.

The 131,000-square-foot shopping center anchored by Barnes & Noble, hhgregg and Pier 1 Imports sold for about $149 per square foot, HFF announced Tuesday.

The real estate company marketed the property on behalf of the seller, Miami Beach-based LNR Partners LLC. The buyer was Welling Realty LLC, a company linked to Charles Rosner in Katonah, New York , according to Palm Beach County property records.

The retail center at 10500-10590 Forest Hill Blvd. is on a busy intersection that sees over 44,000 vehicles on a daily basis. The 15.3-acre plaza is across the street from the Mall at Wellington Green, the 10th largest mall in the state.

HFF’s Luis Castillo, Eric Williams and Daniel Finkle represented LNR Partners in the transaction.

“The opportunity to acquire a high-quality shopping center with a significant value-add opportunity in an affluent South Florida market is rare,” Castillo said in a news release. “Investors immediately recognized the intrinsic value in Shoppes of Wellington Green, creating an intense marketing process for the property.”

Palm Beach County’s commercial real estate market has been active for the last several months. Brokers have reported a busy 2016 that outpaced the previous year’s sales activity.

Transaction volume countywide hit $2.7 billion in the first nine months of the year, a 12.5 percent increase from the same period last year, according to CoStar Realty Information Inc.