Saturday, October 14, 2017

HFF announces $25M sale of community shopping center in Palm Beach Gardens, FL



LA Fitness Plaza Shopping Center,  Palm Beach Gardens, FL

Daniel Finkle

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $25 million sale of LA Fitness Plaza, a 105,453-square-foot, fitness- and food-anchored community shopping center in the South Florida community of Palm Beach Gardens.

The HFF team marketed the property on behalf of the seller, Barings Real Estate Advisers on behalf of an institutional investor.  Fondo Atlas purchased the retail center free and clear of financing.

“LA Fitness Plaza performed well and delivered attractive returns for our client during our ownership period,” said Dave Romano, managing director at Barings Real Estate Advisers.  “The HFF team did an excellent job marketing the property for sale, and we wish Fondo Atlas much success with the property going forward.”

Situated on 14.02 acres at 7100 Fairway Drive, the center is at the entrance to PGA National Resort & Spa and has exposure from approximately 120,000 vehicles per day from its high-trafficked location at the intersection of PGA Boulevard and Fairway Drive, along with 1,000 feet of frontage on Florida’s Turnpike.

Kim Flores
LA Fitness Plaza is in one of Palm Beach County’s most affluent communities, and more than 51,576 residents earning an average annual household income of $108,843 live within a three-mile radius of the property.

 The HFF team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo, director Eric Williams and senior associate Kim Flores.

“There continues to be strong investor demand for high-quality fitness-anchored shopping centers, and LA Fitness Plaza was no exception,” Castillo said.

For more information on this press release, please contact:

Kristen Murphy
 Director, Public Relations
 One Post Office Square Suite 3500
 Boston, Massachusetts 02109
 T: 617-848-1572  M: 617-543-4873



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