JLL closes $19.6M sale, $13M loan for South Florida retail center

The shopping center is anchored by a Walmart Neighborhood Market

December 02, 2019

MIAMI, December 2, 2019 – JLL announced today that it has closed the $19.6 million sale of and arranged $13 million in acquisition financing for Shoppes of Forest Hill, a 112,364-square-foot, retail center anchored by a Walmart Neighborhood Market in West Palm Beach, Florida.

JLL marketed the property on behalf of the seller, Trinity Place Holdings Inc. (NYSE: TPHS). Riverstone Capital Group purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, JLL placed the seven-year permanent loan with SunTrust Bank.

Renovated in 2016, Shoppes of Forest Hill is leased to a roster of national, regional and local tenants, including Walmart Neighborhood Market, Advance Health Care, Florida Lottery, Tire Kingdom, Taco Bell, Boston Market, Rent-A-Center and Supercuts. The center is housed on approximately 11.9 acres at 4316-4450 Forest Hill Boulevard and is visible to approximately 92,000 combined vehicles a day from its position along both South Military Trail and Forest Hills Boulevard. The property is in the West Palm Beach Retail submarket, one of the densest submarkets in Florida, and has purchasing power of $6 billion within a five-mile radius.

The JLL Retail Capital Markets team that represented the seller included Managing Director Luis Castillo, Senior Managing Director and Co-Head of HFF’s Retail Practice Danny Finkle, Director Eric Williams and Analyst Megan Fitzpatrick.

“Trinity Place Holdings successfully executed on the repositioning of Shoppes of Forest Hill and were rewarded with a strong reception for their property,” Castillo said. “We are seeing very deep demand from capital sources for well-positioned retail investments with growth and we’re confident that an astute investor like Riverstone Capital Group will enjoy solid cash flow and appreciation from this acquisition.”

The JLL Capital Markets debt placement team that represented the new owner was led by Director Jesse Wright and Senior Managing Director Chris Drew. Rebecca M. Cox was the lead on the transaction for SunTrust Bank.

“The combination of a great asset with a strong credit profile and a first-class sponsor paved the way for a successful financing,” Wright added. “SunTrust stepped up and offered highly accretive terms for Riverstone.”

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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE: TPHS) is a real estate holding, investment and asset management company. The company’s business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. The company currently has two multi-family properties, 237 11th Street in Gowanus/Park Slope, Brooklyn and a 50% interest in The Berkley, in Williamsburg, Brooklyn. The company is also developing a mixed-use condominium at 77 Greenwich Street in Lower Manhattan, one of Lower Manhattan’s premier development sites which will include 90 condominiums, a public elementary school and retail space. The company also owns a retail property in Paramus, New Jersey. Several of its current assets are the legacy of certain Syms Corp. and Filene’s Basement holdings as a result of those companies having emerged from Chapter 11 bankruptcy under a plan of reorganization in September 2012, including certain intellectual property and $245.4 million of Federal tax net operating losses as well as significant state losses (as of September 30, 2019). More information on the company can be found at and on its residential properties at as well as 

About Riverstone Capital Group  

Riverstone Capital Group is a privately-owned real estate investment firm based in Coral Gables, Florida, focused on the acquisition and management of retail, industrial and office assets in the Southeast United States. To learn more, visit

About SunTrust Banks, Inc.

SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2019, SunTrust had total assets of $227 billion and total deposits of $168 billion. The company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at