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AEW Snaps Up Repositioned Retail Asset

MIAMI—Records show it last sold for $44.5 million in 2011, which was half of its mortgage price.

Promenade at Coconut Creek sits on 22.94 acres at 4401 Lyons Road in an affluent area bordering the Parkland, Hillsboro Ranches, Boca Pointe, and Whispering Pines neighborhoods. Promenade at Coconut Creek sits on 22.94 acres at 4401 Lyons Road in an affluent area bordering the Parkland, Hillsboro Ranches, Boca Pointe, and Whispering Pines neighborhoods.

MIAMI—Promenade at Coconut Creek, a 297,557-square-foot, LEED Silver certified lifestyle center with office space in the Fort Lauderdale suburb of Coconut Creek, FL, has traded hands. Financial terms of the deal were undisclosed but records show it last sold for $44.5 million in 2011, which was half of its mortgage price.

An entity controlled by Garrison Investment Group acquired the asset nearly five years ago. Garrison just sold it one of AEW Capital Management’s account clients free and clear of existing debt.

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Jennifer LeClaire

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