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| Promenade at Coconut Creek, 4401 Lyons Road, Coconut Creek, Broward County, FL |
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| Daniel Finkle |
MIAMI, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced 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 the Broward County city of Coconut Creek,
Florida.
HFF marketed the property
on behalf of the seller, an entity controlled by Garrison Investment
Group. AEW 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.
The center’s position at
the intersection of Wiles and Lyons Roads exposes it to approximately 52,500
vehicles per day, and more than 357,289 residents live within a five-mile trade
area.
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.
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| Nat Scarmazzi |
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.
For a complete copy of the company’s
news release, please contact:
Kristen M. Murphy
Director, Marketing
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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