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| Palm Beach Outlets, 1751 Palm Beach Lakes Boulevard, West Palm Beach, FL |
BOSTON, MA – Holliday Fenoglio Fowler, L.P.
(HFF) announced it has arranged $165 million in financing for Palm Beach Outlets, a
459,633-square-foot, open-air outlet center in West Palm Beach, Florida.
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| Riaz A. Cassum |
The loan collateral also includes land for
the future development of 105,000 additional square feet of retail space.
HFF worked
on behalf of the borrower, New England Development and a commingled fund
managed by Clarion Partners, to secure the long-term, fixed-rate loan through Cornerstone
Real Estate Advisers LLC, acting on behalf of an institutional client. Loan proceeds were used to acquire the
property.
Completed in
February 2014, Palm Beach Outlets consists of eight small retail buildings
surrounding two larger retail structures in a racetrack design layout plus
3,182 parking spaces and five out-parcels (one to-be-developed).
The property is anchored by Saks Off 5th
Avenue and is 95.8 percent leased to 120 additional tenants including Nike
Factory Store, Forever 21, Gap, Banana Republic, JCrew, Ann Taylor Factory
Store, Brooks Brothers, Under Armour, Vera Bradley and Kenneth Cole.
Palm Beach
Outlets is situated on 58.5 acres at 1751 Palm Beach Lakes Boulevard and shares
access with the 300,000-square-foot Whole Foods-anchored Marketplace at the
Outlets (not included in the loan). The
property has one-half mile of frontage along Interstate 95 and direct access
from the highway at Exit 71.
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| Robyn King |
This location has a daily traffic count of
more than 195,000 cars per day and pulls from a trade area with an average
household income of more than $77,000 annually.
Palm Beach Outlets is the first and only retail outlet center in Palm
Beach County, with no other outlet centers within a 55-mile radius.
The HFF debt
placement team representing the borrower was led by senior managing director Riaz Cassum and director Chris Drew. Additional support was provided by senior
real estate analyst Robyn King.
“Palm Beach
Outlet’s irreplaceable infill location coupled with an impressive tenant lineup
and superior sponsorship made this an ideal senior loan,” said Drew.
For a complete copy of the company’s
news release, please contact:
Kristen M.
Murphy
Associate
Director
HFF | One
Post Office Square, Suite 3500 | Boston, MA 02109
Main:
617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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