The Real Deal Miami

AEW Capital buys Promenade at Coconut Creek for $86M

30-acre retail and office development traded for nearly two times its last sale in 2011

May 06, 2016 09:45AM
By Katherine Kallergis

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Promenade at Coconut Creek

Promenade at Coconut Creek

AEW Capital Management has added a Coconut Creek shopping center to its portfolio for $85.5 million. 

Records show an entity controlled by New York-based Garrison Investment Group sold the Promenade at Coconut Creek, a nearly 300,000-square-foot open-air mall in Broward County. Garrison Coconut Creek LLC paid a combined $44.5 million for the property in 2011, which means the company traded it for nearly two times its last sale.

AEW acquired the commercial property on behalf of one of its “separate account” clients, according to a press release.

The 30-acre plot, at 4401 Lyons Road, was developed in 2008 and includes 250,000 square feet of retail space and more than 47,000 square feet of office space. HFF’s Luis Castillo, Daniel Finkle and Nat Scarmazzi represented the seller, and Chris Drew and Brian Gaswirth of HFF’s debt placement team represented the AEW, which arranged the $30 million fixed-rate loan with Wells Fargo.

The LEED Silver-certified retail center is anchored by Silverspot Cinema and Guitar Center and is 89 percent leased to 35 stores and 14 restaurants that include DSW, Starbucks, World of Beer, Lane Bryant and Sur La Table.

AEW manages investments primarily on behalf of institutional and private investors with about $34 billion worth of assets in North America. In March, AEW sold a 320-unit mid-rise apartment complex in Wellington for $58 million. It also purchased a pair of office towers in West Palm Beach for $246 million — which was the county’s third-largest commercial sale that year.