HFF announces $25M sale of community shopping center is Palm Beach Gardens, Florida
MIAMI, FL – October 13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $25 million sale of LA Fitness Plaza, a 105,453-square-foot, fitness- and food-anchored community shopping center in the South Florida community of Palm Beach Gardens.
The HFF team marketed the property on behalf of the seller, Barings Real Estate Advisers on behalf of an institutional investor. Fondo Atlas purchased the retail center free and clear of financing.
“LA Fitness Plaza performed well and delivered attractive returns for our client during our ownership period,” said Dave Romano, managing director at Barings Real Estate Advisers. “The HFF team did an excellent job marketing the property for sale, and we wish Fondo Atlas much success with the property going forward.”
Situated on 14.02 acres at 7100 Fairway Drive, the center is at the entrance to PGA National Resort & Spa and has exposure from approximately 120,000 vehicles per day from its high-trafficked location at the intersection of PGA Boulevard and Fairway Drive, along with 1,000 feet of frontage on Florida’s Turnpike. LA Fitness Plaza is in one of Palm Beach County’s most affluent communities, and more than 51,576 residents earning an average annual household income of $108,843 live within a three-mile radius of the property.
The HFF team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo, director Eric Williams and senior associate Kim Flores.
“There continues to be strong investor demand for high-quality fitness-anchored shopping centers, and LA Fitness Plaza was no exception,” Castillo said.
Barings Real Estate Advisers is part of Barings LLC, one of the world’s largest diversified real estate investment managers. The group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.
Barings is a $288 billion global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. Barings builds lasting partnerships that leverage its distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 16 countries. Learn more at barings.com.
About Fondo Atlas
Fondo Atlas is a Miami-based institutional quality owner and operator of real estate in Florida and South America focused on direct asset level investments in retail and residential properties. Fondo Atlas focuses on strategic acquisitions and delivering best in class asset management and financial reporting to its investors.
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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.