HFF closes sale of and arranges financing for award-winning Broward County lifestyle center

MIAMI, FL – May 3, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for Promenade at Coconut Creek, a 297,557-square-foot, LEED Silver certified lifestyle center with office space in the Broward County city of Coconut Creek, Florida. 

HFF marketed the property on behalf of the seller, an entity controlled by Garrison Investment Group.  AEW Capital Management, L.P. purchased the asset on behalf of one of its separate account clients free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the fixed-rate loan with Wells Fargo Bank.

Promenade at Coconut Creek is situated on 22.94 acres at 4401 Lyons Road in an affluent area bordering the Parkland, Hillsboro Ranches, Boca Pointe and Whispering Pines neighborhoods.  The center’s position at the intersection of Wiles and Lyons Roads exposes it to approximately 52,500 vehicles per day, and more than 357,289 residents live within a five-mile trade area.  Promenade at Coconut Creek was developed in 2008 with sustainability in mind and granted LEED Silver Certification by the U.S. Green Building Council in 2010.  The property comprises 250,060 square feet of retail and 47,497 square feet of office space and was voted Best Shopping Mall in Broward County for 2013 by South Florida Parenting magazine.  Anchored by an 11-screen Silverspot Cinema and Guitar Center, the 89-percent-leased lifestyle center is also home to DSW, Charming Charlie, Starbucks, J. Jill, New York & Co., Lane Bryant, World of Beer, Chico’s, Cold Stone Creamery, Cooper’s Hawk Winery, Jos. A. Bank and Sur La Table, among others.

The HFF investment sales team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle and associate director Nat Scarmazzi.

The HFF debt placement team representing the new owner was led by managing director Chris Drew and associate director Brian Gaswirth.

“The sale culminates a highly successful repositioning by Garrison Investment Group and provides AEW Capital Management with an opportunity to own one of Broward County’s leading lifestyle centers and build on the substantial recent leasing activity to their benefit,” Castillo said.

About Garrison Investment Group
Garrison Investment Group is a leading middle market credit and asset based investor.  The firm was founded in 2007 and is headquartered in New York.  The firm’s investment strategies focus on deploying capital in opportunities across Corporate Finance (corporate loans and select equity investments), Financial Assets (commercial and industrial loans and consumer loans), Private Equity and Real Estate. Its team of experienced professionals enables us to source and execute transactions across our multiple investing disciplines.

Garrison manages investor capital through a diversified set of funds including private equity format funds and corporate credit lending funds.  Garrison also manages capital for third parties through various Managed Accounts.  Through its affiliate, Garrison Loan Management, the company also manages Collateralized Loan Obligations (CLOs).  For more information, visit www.garrisoninv.com.

About AEW Capital Management, L.P.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.  One of the world’s leading real estate investment advisors, AEW and its affiliates manage nearly $54 billion of property and securities in North America, Europe and Asia (as of December 31, 2015).  Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in nine European cities.  For more information please visit www.aew.com.   

About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:
LUIS CASTILLO

HFF Managing Director
(305) 448-1333        
lcastillo@hfflp.com 

DANIEL FINKLE
HFF Senior Managing Director
(305) 448-1333
dfinkle@hfflp.com

NAT SCARMAZZI
HFF Associate Director
(305) 448-1333
nscarmazzi@hfflp.com

CHRIS DREW
HFF Managing Director
(305) 448-1333
cdrew@hfflp.com

KRISTEN MURPHY
HFF Director, Marketing
(617) 338-0990
krmurphy@hfflp.com

 

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