Joint Venture Pays $102M for Retail Center in Affluent Palm Beach Gardens

Legacy Place, a 425,316-square-foot open-air shopping center in Palm Beach Gardens, FL, has been purchased for $101.7 million by a joint venture between Lone Star Funds and Woolbright Development.

Casey Rosen and Dennis Carson with CBRE National Retail Partners in Florida represented the undisclosed seller in the transaction.

“Legacy Place represents an extremely rare value-add real estate opportunity in an established and affluent market like Palm Beach Gardens,” said CBRE EVP Casey Rosen. “This sale highlights strong investor demand for South Florida retail real estate – especially assets with significant upside potential.”

Legacy Place is situation along Legacy Avenue and is 72 percent occupied. It is anchored by Barnes & Noble, Bassett Furniture, Best Buy, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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