Investments Limited has purchased Promenade at Coconut Creek, a 296,419-square-foot retail and office complex in Broward County, from AEW. The sale price was not disclosed. The open-air center was 76.6 percent leased when the transaction closed, and its location near major roads and a large planned development positions it within a growing South Florida market.
Key takeaways
- Investments Limited acquired the 296,419-square-foot Promenade at Coconut Creek from AEW; financial terms were not announced.
- The property includes 249,429 square feet of retail space and 46,990 square feet of Class A office space.
- Promenade was 76.6 percent leased at the time of sale and has 1,457 parking spaces.
- The center sits beside MainStreet Coconut Creek, a major development planned to add housing and retail.
A mixed-use center in Coconut Creek
Located at 4467 Lyons Road, Promenade at Coconut Creek comprises 12 buildings across 22.9 acres. Its office space is anchored by Minto Communities, while the retail center features more than 40 tenants, including Silverspot Cinema, DSW, Guitar Center, The Cheesecake Factory, Sephora and Starbucks. Two parking garages provide a combined 1,457 spaces.
The property opened in November 2008. It is about 15 miles north of downtown Fort Lauderdale, with access to Florida’s Turnpike and the Sawgrass Expressway, and is near both Fort Lauderdale-area airports.
Planned development adds to the location’s appeal
Promenade is adjacent to MainStreet Coconut Creek, a master-planned project valued at more than $1 billion. Plans call for more than 2,300 residential units and a Whole Foods-anchored retail component. The residential portion is expected to be built over the next three to four years, while the retail center is slated to open in 2027.
JLL, which represented AEW, said investor interest reflected Promenade’s position in North Broward County, its evolving tenant mix and growth in the surrounding area. JLL describes it as the county’s only open-air mixed-use lifestyle center. The firm also cited the area’s affluent population and limited retail supply as market advantages.
AEW’s prior ownership and the buyer’s portfolio
AEW acquired the property in 2016 on behalf of a separate-account client for nearly $86 million, according to The Real Deal. Yardi Matrix reported that a $42 million loan from Voya Financial was secured by the property in May 2023. The sale price in the latest transaction was not disclosed.
Founded in 1970, Investments Limited owns and manages commercial and residential real estate across South Florida and Massachusetts. The company reports a $5.5 billion portfolio, including more than 4,300 commercial spaces and 4,200 residential units. Its South Florida holdings include Royal Palm Place in Boca Raton and shopping centers in Lighthouse Point, Plantation and Deerfield Beach.
- AEW Sells South Florida Lifestyle Center, CommercialSearch.