United States : HFF closes $28.1 million sale of and arranges $20.3 million financing for mixed-use office and retail center in Palm Beach Gardens, Florida.
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $28.1 million sale of and arranged $20.3 million in acquisition financing for City Centre, a Class A, four-building, mixed-use office and retail center totaling 93,563 square feet in Palm Beach Gardens, Florida. The sale also included a 20-year ground leased outparcel with a PNC Bank branch and a 3.2-acre development site approved for 61,800 square feet of office space.
HFF marketed the property on behalf of the seller, Lionstone Investments. AW Property Co. purchased the asset free and clear of financing. Additionally, HFF worked on behalf of the new owner to place the acquisition financing.
City Centres four buildings have classical Mediterranean revival-style architecture that includes Spanish tile mansards, a central fountain and walking paths with brick pavestones. The low-rise buildings are home to a variety of multinational, national and local tenants, including PNC Bank; Oppenheimer & Co. Inc.; Wilmington Trust; Sabadell United Bank; Twisted Root Brewing; Ristorante Limoncello and Premier Custom Pharmacy. Situated on 13.58 acres at 2000 PGA Boulevard, City Centre is at the southwest corner of PGA Boulevard and US Highway 1 on the east side of Ellison Wilson Road. The property is the North Palm Beach submarket in northern Palm Beach County and is located less than 10 miles from downtown West Palm Beach.
The HFF investment sales team representing the seller was led by senior managing director Hermen Rodriguez, senior managing director and co-head of HFFs retail practice Daniel Finkle, director Ike Ojala and associate director Tracey Goo.
HFFs debt placement team was led by senior managing director Paul Stasaitis and associate Maxx Carney.
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|Date:||May 16, 2017|
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