TH Real Estate Nabs Miami-Area Retail Asset
- May 02, 2017
The company has acquired the Promenade Shopping Plaza, a 202,696-square-foot retail center in Palm Beach Gardens, Fla. The buyer is an affiliate of Nuveen, the investment management arm of TIAA.
Public records show that an affiliate of Dallas-based Lone Star Funds sold the property for approximately $49.3 million. The 97 percent occupied retail center is anchored by Publix, CVS, Bealls Outlet and Planet Fitness. Completed in 1972, the Promenade Shopping Plaza underwent redevelopment in 2015.
“This is a well-anchored, core in-fill asset in a strong retail market. We expect it to provide a solid income stream and plan to further enhance the property’s upside potential via active asset management,” said Manuel Martin, head of the Southeast Region TH Real Estate, in prepared remarks.
Located on the NE corner of Alternate A1A and Lighthouse Drive, at 9800 – 9900 Alternate A1A, Promenade Shopping Plaza is adjacent to nearby retailers such as Target, Lowe’s, Kohl’s, LA Fitness and Home Depot. This transaction marks the first acquisition for TH Real Estate’s new Miami office, which is headed by Martin since its opening in January.
Image courtesy of TH Real Estate