JLL Capital Markets arranges financing for Lone Star Funds to purchase Legacy Place open-air retail center in Palm Beach Gardens, FL

Claudia Steeb

 

 MIAMI, FL – JLL Capital Markets has arranged financing for the acquisition of Legacy Place, a Class A, 424,500-square-foot, open-air retail destination in the South Florida community of Palm Beach Gardens.

 JLL worked on behalf of the borrower, an affiliate of Lone Star Funds, to place the three-year, floating-rate loan with Wells Fargo Bank.

 Legacy Place retail center located
on 43.1 acres at 11315 Legacy Avenue
 Palm Beach Gardens, FL

 Legacy Place is anchored by Best Buy, Barnes & Noble, Total Wine & More, Michaels and Petco, all original tenants of the center, which was completed in 2006 and 2007.

Legacy Place is also home to a strong and diversified tenant lineup, including Ethan Allen, Miami Children’s Hospital, The Container Store, Bassett Furniture, The Capital Grille, Chili’s Grill & Bar and Five Guys.

Chris Drew

The property’s open-air concept presents a walkable format, outdoor common areas with dining options and a spacious layout.

 Located on 43.1 acres at 11315 Legacy Avenue, Legacy Place sits at the interchange of PGA Boulevard and ATL A1A, two heavily trafficked corridors with daily traffic volumes exceeding 96,300 vehicles per day.

The center is within a premier, upscale retail area in Palm Beach Gardens, an affluent community 70 miles north of Miami that ranks among the wealthiest and most exclusive areas in the nation.

The property draws from an extended 115-square-mile trade area that includes 347,000 people and 136,891 households with a total buying power exceeding $12.4 billion.

Zach Barone 

The JLL Capital Markets Debt Advisory team that represented the borrower was led by Senior Managing Director Chris Drew, Managing Director Claudia Steeb and Analysts Zach Barone and Maddy McMillen. 

 “We appreciate the opportunity to represent Lone Star Funds to secure the financing, which required lender flexibility throughout the process,” Steeb said.

“The strength of the sponsorship enabled us to secure debt quotes for this non-grocery-anchored asset in a challenging retail financing market. We can’t wait to see the transformation of Legacy Place.”

Maddy McMillen

About Lone Star Funds

Lone Star is a leading private equity firm founded by John Grayken advising funds that invest globally in real estate, equity, credit and other financial assets.

 

Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling more than $85 billion.

 

The firm organizes its funds in three series: the Commercial Real Estate Fund series; the Opportunity Fund series; and the U.S. Residential Mortgage Fund series.

John Grayken

 Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes.

 

CONTACT:

 

Kimberly Steele

PR, Capital Markets,

Agency Leasing

 and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 www.lonestarfunds.com.