File photo: A JLL property-management sign in Hong Kong, photographed in 2019. This is not the Coconut Creek property. Zhsueg KWANIA / Wikimedia Commons / CC BY-SA 4.0. Cropped and fitted. Adapted image: CC BY-SA 4.0.
JLL has arranged the sale of Promenade at Coconut Creek, a South Florida shopping and office center that was 76.6% leased when it changed hands.
Investments Limited bought the 296,419-square-foot property from AEW, JLL said in its Nov. 12 announcement. JLL represented the seller. The company did not disclose a sale price or financing terms.
The open-air center at 4467 Lyons Road in Coconut Creek combines 249,429 square feet of retail space with 46,990 square feet of offices. Built in 2008, it occupies about 22.9 acres and has more than 40 tenants.
Silverspot Cinema, DSW and Guitar Center anchor the retail property. Other tenants include The Cheesecake Factory, Sephora, Cooper's Hawk Winery & Restaurants, LoveSac and Warby Parker. Minto Communities anchors the office space, according to JLL.
The occupancy figure leaves a portion of the center available to lease. Investments Limited describes its business as buying well-located properties with room for improvement and holding them for the long term. JLL did not announce a specific renovation plan, new lease or change in tenants with this transaction.
A nearby development adds to the growth picture
The center sits next to MainStreet Coconut Creek, a planned development valued at more than $1 billion that is expected to include more than 2,360 homes and a Whole Foods-anchored retail component when completed, JLL said.
That neighboring project is separate from the property sold. Its planned homes and stores are not existing space in the Promenade sale, and the announcement did not give a completion date for MainStreet.
Promenade has two parking garages and a total of 1,457 parking spaces. It also has access to Florida's Turnpike and the Sawgrass Expressway.
JLL's sales team was led by Danny Finkle and Jorge Portela, with Kim Flores. Boca Raton-based Investments Limited is a privately held real estate owner and manager with holdings across South Florida and Massachusetts.
Source: JLL
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