JLL Capital Markets arranged the sale of Promenade at Coconut Creek, a 296,419-square-foot open-air mixed-use center in Coconut Creek, Florida. AEW sold the property to Investments Limited. The center was 76.6% leased at the time of sale and combines retail, dining, entertainment and office space in a growing South Florida market.
Key takeaways
- Investments Limited acquired the property from AEW in a transaction arranged by JLL.
- The 22.9-acre center includes 249,429 square feet of retail and 46,990 square feet of office space.
- More than 40 tenants occupy the property, which was 76.6% leased at the time of sale.
- Nearby MainStreet Coconut Creek is planned to bring thousands of homes and additional retail to the area.
A mixed-use center with established tenants
Built in 2008, Promenade at Coconut Creek is a LEED Silver-certified lifestyle center at 4467 Lyons Road. Its tenants span retail, restaurants, entertainment, wellness and services. The center is anchored by Silverspot Cinema, DSW and Guitar Center, with other tenants including The Cheesecake Factory, Sephora, Cooper’s Hawk Winery & Restaurants, LoveSac and Warby Parker.
The property also includes a Class A office component anchored by Minto Communities. Two structured garages and other parking provide a total of 1,457 spaces. JLL described the center as the only open-air mixed-use lifestyle destination in North Broward County.
Location and planned growth
The property has direct access to Florida’s Turnpike and the Sawgrass Expressway, connecting it with communities across South Florida. JLL also pointed to the area’s affluent population and limited retail supply as factors supporting the center’s market position.
Adjacent MainStreet Coconut Creek, a master-planned development valued at more than $1 billion, is expected to include more than 2,360 residential units and a retail component anchored by Whole Foods when complete. The area is also served by Fort Lauderdale-Hollywood International Airport and Fort Lauderdale Executive Airport.
JLL’s role in the transaction
JLL represented seller AEW. The capital markets team included Executive Managing Director Danny Finkle, Senior Director Jorge Portela and Vice President Kim Flores. Finkle said investors were drawn to the center’s distinctive mix of uses, evolving tenant lineup and potential to benefit from nearby development.
The transaction announcement did not disclose the sale price or other financial terms.