JLL closes $39.5M sale, $26.1M loan for Palm Beach retail center
Coral Sky Plaza is a dominant community shopping center in an affluent South Florida location
MIAMI, January 24, 2020 – JLL Capital Markets announced today that it has closed the $39.5 million sale of and arranged $26.1 million in acquisition financing for Coral Sky Plaza, a 232,727-square-foot, dominant retail center in the affluent South Florida community of Royal Palm Beach, Florida.
JLL marketed the property on behalf of the seller. The buyer purchased the asset free and clear of existing debt. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate loan with Morgan Stanley Bank N.A.
Anchored by one of only two BJ’s Wholesale Clubs in Palm Beach County, the 95.6% leased Coral Sky Plaza is also home to notable tenants Ross Dress for Less, buy buy Baby, Bed Bath & Beyond, Five Below, IHOP and Famous Footwear. The retail center is situated on nearly 25 acres at 510-590 State Road 7 just past where it intersects with Southern Boulevard. This high-traffic location is visible to up to 126,000 vehicles per day. More than 186,000 residents earning an average annual household income of $94,469 live within a five-mile radius of the center. Coral Sky Plaza draws from an extended trade area of 13 miles, and that area is projected to grow its population by 8.5% over the next five years.
The JLL Retail Capital Markets team that represented the seller included Senior Managing Director and Co-Head of JLL’s Retail Practice Danny Finkle, Managing Director Luis Castillo and Director Eric Williams.
“Coral Sky Plaza is a premier retail center in one of South Florida’s most dynamic retail submarkets,” Finkle said. “The outstanding tenant performance from several of the industry’s leading retailers substantiates the quality and desirability of this core Palm Beach County location.”
The JLL Capital Markets debt placement team that represented the new owner was led by Senior Managing Director Chris Drew, Directors Maxx Carney and Jesse Wright and Associate Reid Carleton.
“The combination of exceptional tenant performance, strong market fundamentals and a high-quality borrower resulted in an aggressive showing from the debt capital markets for the opportunity to finance Coral Sky Plaza,” Drew added.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.