Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $28.1 million sale of and arranged $20.3 million in acquisition financing for City Centre, a Class A, four-building, mixed-use office and retail center totaling 93,563 square feet in Palm Beach Gardens, Florida. The sale also 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.
HFF marketed the property on behalf of the seller, Lionstone Investments. AW Property Co. purchased the asset free and clear of financing. Additionally, HFF worked on behalf of the new owner to place the acquisition financing.
City Centre’s four buildings have classical Mediterranean revival-style architecture that includes Spanish tile mansards, a central fountain and walking paths with brick pavestones. The low-rise buildings are home to a variety of multinational, national and local tenants, including PNC Bank; Oppenheimer & Co. Inc.; Wilmington Trust; Sabadell United Bank; Twisted Root Brewing; Ristorante Limoncello and Premier Custom Pharmacy. Situated on 13.58 acres at 2000 PGA Boulevard, City Centre is at the southwest corner of PGA Boulevard and US Highway 1 on the east side of Ellison Wilson Road. The property is the North Palm Beach submarket in northern Palm Beach County and is located less than 10 miles from downtown West Palm Beach.
The HFF investment sales team representing the seller was led by senior managing director Hermen Rodriguez, senior managing director and co-head of HFF’s retail practice Daniel Finkle, director Ike Ojala and associate director Tracey Goo.
HFF’s debt placement team was led by senior managing director Paul Stasaitis and associate Maxx Carney.
About Lionstone Investments
Lionstone Investments is a data-analytics driven real estate investment firm that specializes in conceptualizing, analyzing, and executing national investment strategies on behalf of institutional investors and high net worth individuals. Lionstone’s objective is to identify and execute smart investments by understanding the evolution of internationally competitive cities, then pinpointing where the most productive people in America want to live and work – Places for Productive People®. Since its founding in 2001, Lionstone has consistently generated cycle-tested real estate investment performance that has exceeded peer and industry benchmarks. Lionstone’s investment DNA was, and continues to be, data-driven, and is its greatest point of differentiation from other firms. Using proprietary research tools and algorithms, a highly-skilled staff, and deeply-experienced leadership, Lionstone sources unique investment opportunities and effectively executes them nationwide. Please visit Lionstone’s website at https://lionstoneinvestments.com.
About AW Property Co.
AW Property Co. is a real estate investment and operating company that specializes in medical and professional office properties in major markets throughout the State of Florida. Founded in 2002, the firm currently operates over 1.5 million square feet of space in its target markets. It has a highly dedicated, customer focused team of professionals with expertise in all facets of real estate acquisitions, redevelopment, finance, operations and asset management. The firm’s headquarters are located in North Palm Beach, with regional offices in West Palm Beach, Fort Lauderdale and Sarasota. Learn more at http://www.awproperty.com.
About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
