News

Priciest property sale in Palm Beach County history closes
By Jeff Ostrowski

In the largest property sale ever recorded in Palm Beach County, The Mall at Wellington Greenhas changed hands for $341.1 million.

Taubman Centers (NYSE: TCO) of Bloomfield Hills, Mich., said last week that it sold seven malls to Starwood Capital Group for $1.4 billion, but it didn’t disclose the value of each property. That tidbit was revealed Friday, when the deed for the transaction became public.

“To our knowledge, this is the largest sale of a recorded deed,” said Carol Wright, spokeswoman for the Palm Beach County property appraiser.

The Mall at Wellington Green includes 1.27 million square feet, but many of the large anchors own their own space. In its most recent annual report, Taubman said it owned 458,000 square feet at the mall.

The mall opened in 2001. Anchors include Dillard’sJCPenneyMacy’s and Nordstrom.

Palm Beach County’s commercial real estate market has taken off in recent months. In another big deal, CityPlace Tower sold for $150 million.