Downtown at the Gardens trades for $141.5M

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.

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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