Promenade at Coconut Creek Changes Hands for $44M

COCONUT CREEK, FL-Stanbery Coconut Creek and Coconut Creek Development, the associates of Columbus, Ohio-based Stanbery Development, have sold the Promenade at Coconut Creek center to an associate of New York-based Garrison Investment Group for $44.5 million. The center, which comprises a 200,000-square-foot retail space and a 50,000-square-foot office space, was sold for 50% less than its loan.

Garrison has purchased the center, which sits on 23 acres, for $42.25 million and a 4.3-acre site for $2.25 million. For the full story, go to South Florida Business Journal .

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