Investments Limited Purchases South Florida Lifestyle Center
At the time of sale, the property was approximately 77 percent leased.
Investments Limited has acquired Promenade at Coconut Creek, a 296,419-square-foot mixed-use lifestyle center in Coconut Creek, Fla., from AEW. The sale price was not disclosed.
The Broward County retail property last changed hands in May 2016, when AEW acquired the asset on behalf of one of its separate account clients for nearly $86 million from an entity controlled by Garrison Investment Group, according to The Real Deal. Yardi Matrix reported the property was secured by a $42 million loan originated in May 2023 by Voya Financial.
Located at 4467 Lyons Road, Promenade at Coconut Creek has 249,429 square feet of retail space and 46,990 square feet of Class A office space anchored by Minto Communities. The property, which was 76.6 percent leased at the time of sale, has two parking garages with a total of 1,457 spaces.
JLL represented AEW in the deal. The JLL Capital Markets team was led by Executive Managing Director Danny Finkle and Senior Director Jorge Portela, along with Vice President Kim Flores.
Closer look at the center
Finkle said in prepared remarks that investors were attracted to the 12-building, 22.9-acre property because of its market position, ongoing merchandising evolution and ability to benefit from the growth taking place around Coconut Creek.
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As the only open-air mixed-use lifestyle center in North Broward County, according to JLL, Promenade benefits from being located within one of South Florida’s most affluent and supply-constrained retail markets.
It is adjacent to MainStreet Coconut Creek, a more than $1 billion master-planned development that is expected to deliver more than 2,300 residential units and a Whole Foods-anchored retail component upon completion. While the residential component will be built out during the next three to four years, the retail center is slated to open in 2027.
Promenade at Coconut Creek opened in November 2008. It includes more than 40 retail, dining, entertainment, wellness and service-oriented tenants. The open-air center is anchored by Silverspot Cinema, DSW and Guitar Center. Other tenants include The Cheesecake Factory, Sephora, Cooper’s Hawk Winery & Restaurants, LoveSac, Warby Parker and Starbucks.
Located about 15 miles north of downtown Fort Lauderdale, Fla., the retail center has direct access to Florida’s Turnpike and the Sawgrass Expressway. It also has proximity to Fort Lauderdale-Hollywood International Airport and the Fort Lauderdale Executive Airport.
Investments Limited’s South Florida portfolio
Founded in 1970 by James and Marta Batmasian, Investments Limited is a real estate investment, ownership, development, operations, management and leasing firm with a $5.5 billion portfolio spanning retail, office, industrial, residential and hospitality properties. The company owns and manages more than 4,300 commercial spaces, including 200 retail centers, and 4,200 residential units across South Florida and Massachusetts.
Its retail portfolio includes Royal Palm Place, a 14-acre mixed-use shopping, dining and residential destination in downtown Boca Raton. Other properties in Boca Raton include Sanctuary Shoppes, 5th Avenue Shoppes, Shops at University Place, Boca Plaza and West Boca Plaza.
The firm owns several other South Florida shopping centers, including The Promenade at Bay Colony in Lighthouse Point; Westgate Square Shopping Center in Plantation and Palm Trails Plaza in Deerfield Beach.
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