Riverstone Capital buys West Palm Beach for $19.6m

Riverstone Capital Group has acquired a retail center anchored by a Walmart Neighborhood Market in West Palm Beach, Florida, for $19.6m . Totaling 112,364 sq ft, Shoppes of Forest Hill sits on an 11.9-acre site. Tenants include Advance Health Care, Florida Lottery, Tire Kingdom, Taco Bell, Boston Market, Rent-A-Center and Supercuts. JLL marketed the property on behalf of the seller, Trinity Place Holdings.

“Trinity Place Holdings successfully executed on the repositioning of Shoppes of Forest Hill and were rewarded with a strong reception for their property,” said Luis Castillo, managing director at JLL. “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.”