HFF announces $9.25 million sale of Shoppes & Offices at PGA West in Palm Beach Gardens, FL

Shoppes & Offices at PGA West, Palm Beach Gardens, FL

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $9.25 million sale of the Shoppes & Offices at PGA West, a mixed-use retail and office development totaling 37,782 square feet in the affluent community of Palm Beach Gardens, Florida. 

Daniel Finkle

The HFF team marketed the property on behalf of the seller, special servicer LNR Partners, Inc., and procured the buyer, Juster Development Company. 

The Shoppes & Offices at PGA West comprise 18,348 square feet of retail space and 19,434 square feet of office space. 

Completed in 2001, the property is 98.3 percent leased to a diverse tenant roster that includes experiential retail uses, chef-driven restaurants and boutique office tenants. 

 Situated on four acres at 5510-5540 PGA Boulevard, the center has exceptional visibility and prominent exposure at a signalized intersection along PGA Boulevard. 

Eric Williams

The Shoppes & Offices of PGA West is located in a desirable and growing residential market surrounded by some of the area’s most prestigious golf course communities. 

The population within a three mile radius is 64,564 with an average household income of more than $115,000.   

The HFF investment advisory team included managing director Luis Castillo, senior managing director and co-head of HFF’s retail practice Danny Finkle and directors Eric Williams and Nat Scarmazzi.

“There is a tremendous amount of capital looking to invest in well located assets like PGA West,” Castillo said.  “As headlines continue to forecast the demise of retail, properties like PGA West are thriving and offer strong risk-adjusted returns for savvy investors.”

Juster Development Company is ranked among the top 100 owners of retail properties in the United States.  The company's portfolio, built through development and acquisition, includes 18 shopping centers encompassing in excess of 2,000,000 square feet along the East Coast. 

Nat Scarmazzi

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.comor follow HFF on Twitter @HFF.

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com