Commercial Real Estate firm Shannon Waltchack (SW) acquired Tequesta Village Square a 74,102 SF multi-tenant neighborhood retail center located in Tequesta, FL. This property is Shannon Waltchack Neighborhood Center III’s (SWNC III) first acquisition since launching earlier this year. SWNC III is Shannon Waltchack’s third commercial fund, which focuses on unanchored retail strip centers across the United States.
“We have had our eye on this property for the past two years and were so pleased to have been awarded the deal by the owners. We worked diligently to accomplish all of the goals and objectives of the selling family and are now happy to be able to call them friends. Now that we own one asset in South Florida, we need to find more,” said SW Partner Derek R. Waltchack.
Located at 221-289 South US Highway 1, in the Miami-Fort Lauderdale-West Palm Beach MSA, Tequesta Village Square is currently 100% occupied, surrounded by a dense, affluent population, of 6.14 million. Tequesta Village Square has excellent visibility along Highway 1, which serves nearly 30,000 vehicles per day. The shopping center has a strong history of high occupancy with 29 units, including the largest tenant West Marine (12,000 SF), a boating supply and fishing retail store.
“SW Neighborhood Centers has built a strong legacy of success throughout Florida, and we are thrilled to add Tequesta Village to our portfolio. The demographics of the prestigious Tequesta, FL market align well with the investment thesis of SW Neighborhood Centers,” said Vice President – Investments, Partner Tyler Hose.
Shannon Waltchack launched its third fund, SWNC III, in January 2024, continuing its proven strategy of acquiring neighborhood centers across the country. This launch was significant, marking SW’s first partnership with an institutional partner, a $10 billion+ university endowment.
“SWNC III’s first acquisition with Tequesta Village Square is exactly what we were looking for to kick off this collaboration with our institutional partner. We are focused on acquiring similar properties across the country to place the balance of the equity,” said Shannon Waltchack President and Partner, Andrew Patterson, CCIM, CPM.
SW enjoyed working with Jake Hayutin of Laconic Capital Advisors, who represented the seller in this transaction.
Brokers with neighborhood center acquisition opportunities should contact Partner Derek Waltchack at [email protected]. The strategy for SWNC remains focused on acquiring properties occupied by service-oriented tenants in dense, affluent communities. The preferred tenant mix is necessity-focused businesses, such as dentists, restaurants and insurance, which provide resilience against internet retailers. These properties are located in growing cities and follow precise demographics and physical requirements.
