The Real Deal Miami

Downtown at the Gardens trades for $141.5M

Palm Beach Gardens shopping center acquired for $60M discount from 2007 price

October 06, 2014 11:15AM

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Downtown at the Gardens

Downtown at the Gardens

A San Diego real estate investment trust acquired the Downtown at the Gardens in Palm Beach Gardens for a nearly $60 million discount from the 2007 price paid for the shopping center.

Excel Trust purchased the 340,000-square-foot center off PGA Boulevard for $141.5 million. The seller is Downtown at the Gardens Associates Ltd. The transaction closed on Wednesday and has not been recorded by Palm Beach County.

Built in 2005 by Menin Development, the center changed hands in 2007 for more than $200 million. Downtown at the Gardens Associates eventually acquired the site through foreclosure. Tenants include The Cheesecake Factory, Cobb Theaters and Whole Foods Market.

Excel said it raised $168 million in June to purchase numerous properties, including Downtown at the Gardens, according to the Sun-Sentinel. The company does not immediately plan any major renovations. The center is more than 90 percent occupied. [Sun-Sentinel]Eric Kalis

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