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| City Center, Palm Beach Gardens, FL Photo by Mark S. Gall) |
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| Hermen Rodriguez |
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF)
announced it has closed the $28.1 million sale of and arranged $20.3 million in
acquisition financing for City Centre,
a Class A, four-building, mixed-use office and retail center totaling 93,563
square feet in Palm Beach Gardens, Florida.
The sale also included a
20-year ground leased outparcel with a PNC Bank branch and a 3.2-acre
development site approved for 61,800 square feet of office space.
HFF marketed the property
on behalf of the seller, Lionstone Investments.
AW Property Co. purchased the asset free and clear of financing. Additionally, HFF worked on behalf of the new
owner to place the acquisition financing.
City Centre’s four buildings
have classical Mediterranean revival-style architecture that includes Spanish
tile mansards, a central fountain and walking paths with brick pavestones.
The low-rise buildings are
home to a variety of multinational, national and local tenants, including PNC
Bank; Oppenheimer & Co. Inc.; Wilmington Trust; Sabadell United Bank;
Twisted Root Brewing; Ristorante Limoncello and Premier Custom Pharmacy.
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| Daniel Finkle |
Situated on 13.58 acres at
2000 PGA Boulevard, City Centre is at the southwest corner of PGA Boulevard and
US Highway 1 on the east side of Ellison Wilson Road.
The property is the North Palm Beach
submarket in northern Palm Beach County and is located less than 10 miles from
downtown West Palm Beach.
The HFF investment sales
team representing the seller was led by senior managing director Hermen Rodriguez, senior managing
director and co-head of HFF’s retail practice Daniel Finkle, director Ike
Ojala and associate director Tracey
Goo.
HFF’s debt placement team
was led by senior managing director Paul
Stasaitis and associate Maxx Carney.
For a complete copy of the company’s news
release, please contact:
Kristen M. Murphy
Director, Public Relations
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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