WPB-Area Mixed-Use Asset Trades for $28M

HFF secured $20.3 million in acquisition financing on behalf of the new owner, who acquired the property free and clear of debt.

City Centre in Palm Beach Gardens
City Centre in Palm Beach Gardens

HFF arranged the disposition of City Centre, a mixed-use, four-building office and retail center totaling 93,563 square feet in Palm Beach Gardens, Fla. The deal included a 20-year ground leased outparcel with a PNC Bank branch and a 3.2-acre development site approved for 61,800 square feet of office space.

The sales investment team, led by senior managing directors Hermen Rodriguez and Daniel Finkle, alongside Director Ike Ojala and Associate Director Tracey Goo, represented the seller, Lionstone Investments. AW Property Co. purchased the asset free and clear of financing in a $28.1 million deal. HFF’s debt placement team, led by Senior Managing Director Paul Stasaitis and Associate Maxx Carney, secured acquisition financing on behalf of the new owner. According to public records, Mercantil Bank provided the $20.3 million mortgage.

Located at 2000 PGA Blvd., on the southwest corner of PGA Boulevard and US Highway 1 on the east side of Ellison Wilson Road, the Class A property is leased to a roster of multinational, national and local tenants, such as Sabadell United Bank, Oppenheimer & Co. Inc., Wilmington Trust, Twisted Root Brewing, Ristorante Limoncello and Premier Custom Pharmacy.

Constructed between 1989 and 1999, City Centre’s four low-rise buildings feature classical Mediterranean architecture that includes a central fountain, walking paths with brick pavestones and Spanish tile mansards. Situated in the North Palm Beach submarket, the property is less than 10 miles from Downtown West Palm Beach and close to several waterfront and golf course communities, including Lost Tree Village, Seminole Gulf Club, Admirals Cove and PGA National Resort & Spa.

Image courtesy of Lionstone Investments