CBRE has arranged the sale of Legacy Place, a 425,316-square-foot regional open-air shopping center in Palm Beach Gardens.
The property sold for $101.66 million to 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.
Located at 11290 Legacy Ave., Legacy Place is 72 percent occupied and anchored by Barnes & Noble, Bassett Furniture, Best Buy, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More.
“Legacy Place represents an extremely rare value-add real estate opportunity in an established and affluent market like Palm Beach Gardens,” said Rosen, executive vice president. “Located near an I-95 interchange with PGA Boulevard and the highly successful Gardens Mall, Legacy Place has exceptional regional draw and presence in the North Palm Beach market. This sale highlights strong investor demand for South Florida retail real estate – especially assets with significant upside potential.”
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