Clarion Partners Gets $40M for West Palm Beach Retail Asset
- Jan 27, 2020
Coral Sky Plaza, a 232,727-square-foot shopping center in Royal Palm Beach, Fla., traded for $39.5 million. Clarion Partners sold the retail asset to a private investor, public records show. JLL assisted the seller in the deal and arranged $26.1 million in acquisition financing for the buyer. Morgan Stanley Bank originated the 10-year, fixed-rate loan.
Situated on nearly 25 acres at 510-590 State Road 7, Coral Sky Plaza was 95.6 percent leased at the time of the sale. Anchored by BJ’s Wholesale Club, the shopping center also has ROSS Dress for Less, buy buy BABY, Bed Bath & Beyond, Five Below, IHOP and Famous Footwear on the roster. The property is roughly 4 miles southeast of the city center, between Village Shoppes and Shoppes at Belvedere, in a 13-mile trade area where the daily car traffic reaches 126,000 vehicles. More than 186,000 residents earning an average household income of $94,469 live within a 5-mile radius of the asset.
JLL Senior Managing Director & Co-Head of Retail Practice Danny Finkle, Managing Director Luis Castillo and Director Eric Williams were part of the team that assisted Clarion in the disposition. Senior Managing Director Chris Drew, Directors Maxx Carney and Jesse Wright and Associate Reid Carleton led the debt placement team that secured the acquisition loan. Finkle, Castillo and Williams were also instrumental in the sale of another retail center in the Miami area. The 112,364-square-foot property traded for almost $20 million.