Palm Beach County open-air retail center acquisition financed

MIAMI, Dec. 1, 2021 – JLL Capital Markets announced today that it has arranged financing for the acquisition of Legacy Place, a Class A, 424,500-square-foot, open-air retail destination in the South Florida community of Palm Beach Gardens.

JLL worked on behalf of the borrower, an affiliate of Lone Star Funds, to place the three-year, floating-rate loan with Wells Fargo Bank.

Legacy Place is anchored by Best Buy, Barnes & Noble, Total Wine & More, Michaels and Petco, all original tenants of the center, which was completed in 2006 and 2007. Legacy Place is also home to a strong and diversified tenant lineup, including Ethan Allen, Miami Children’s Hospital, The Container Store, Bassett Furniture, The Capital Grille, Chili’s Grill & Bar and Five Guys. The property’s open-air concept presents a walkable format, outdoor common areas with dining options and a spacious layout.

Located on 43.1 acres at 11315 Legacy Avenue, Legacy Place sits at the interchange of PGA Boulevard and ATL A1A, two heavily trafficked corridors with daily traffic volumes exceeding 96,300 vehicles per day. The center is within a premier, upscale retail area in Palm Beach Gardens, an affluent community 70 miles north of Miami that ranks among the wealthiest and most exclusive areas in the nation. The property draws from an extended 115-square-mile trade area that includes 347,000 people and 136,891 households with a total buying power exceeding $12.4 billion.

The JLL Capital Markets Debt Advisory team that represented the borrower was led by Senior Managing Director Chris Drew, Managing Director Claudia Steeb and Analysts Zach Barone and Maddy McMillen. 

“We appreciate the opportunity to represent Lone Star Funds to secure the financing, which required lender flexibility throughout the process,” Steeb said. “The strength of the sponsorship enabled us to secure debt quotes for this non-grocery-anchored asset in a challenging retail financing market. We can’t wait to see the transformation of Legacy Place.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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