HFF Closes Sale Of 300,000-SF Mixed-Use Center For $86 Million

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale of and secured acquisition financing for Promenade at Coconut Creek, a 297,557-square-foot, LEED Silver certified lifestyle center with office space in Coconut Creek.
HFF marketed the property on behalf of the seller, an entity controlled by Garrison Investment GroupAEW Capital Management, L.P. purchased the asset on behalf of one of its separate account clients free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the fixed-rate loan with Wells Fargo Bank.
Promenade at Coconut Creek is situated on 22.94 acres at 4401 Lyons Road in an affluent area bordering the Parkland, Hillsboro Ranches, Boca Pointe and Whispering Pines neighborhoods.
Promenade at Coconut Creek was developed in 2008 with sustainability in mind and granted LEED Silver Certification by the U.S. Green Building Council in 2010.  The property comprises 250,060 square feet of retail and 47,497 square feet of office space and was voted Best Shopping Mall in Broward County for 2013 by South Florida Parenting magazine.  Anchored by an 11-screen Silverspot Cinema and Guitar Center, the 89-percent-leased lifestyle center is also home to DSW, Charming Charlie, Starbucks, J. Jill, New York & Co., Lane Bryant, World of Beer, Chico’s, Cold Stone Creamery, Cooper’s Hawk Winery, Jos. A. Bank and Sur La Table, among others.
The HFF investment sales team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle and associate director Nat Scarmazzi.
The HFF debt placement team representing the new owner was led by managing director Chris Drew and associate director Brian Gaswirth.
 

“The sale culminates a highly successful repositioning by Garrison Investment Group and provides AEW Capital Management with an opportunity to own one of Broward County’s leading lifestyle centers and build on the substantial recent leasing activity to their benefit,” Castillo said.

 
Source:  HFFLP

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