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Clarion pays $117M for Marketplace at the Palm Beach Outlets

Clarion pays $117M for Marketplace at the Palm Beach Outlets
Majority owner Clarion Partners paid $278M for the adjacent Palm Beach Outlets in May
December 14, 2015 02:15PMBy Katherine Kallergis

The Marketplace at the Outlets

A company tied to New England Development has sold the Marketplace at the Outlets in Palm Beach for $116.7 million, county records show.
Steven Fischman of New England Development and Stephen Furnary of Clarion

A Clarion Partners affiliate purchased the retail strip, which borders I-95 in West Palm Beach.
The marketplace, a 300,000-square-foot shopping center, was developed by New England Development and Eastern Real Estate. The 28-acre property, at 1821 Palm Beach Lakes Boulevard, opened in the fall of 2014. Tenants include Bed, Bath & Beyond, DSW Shoe Warehouse, Nordstrom Rack and Whole Foods Market. New England Vice Chairman Steven Fischman signed the deed transfer of ownership.
The transaction follows the $278 million sale of the Palm Beach Outlets next door, which sold in May to a partnership between Clarion Partners and New England Development.
Clarion is the majority owner of the outlets, which has more than 100 stores including Off Fifth, J. Crew Factory, Banana Republic Factory Store, Kenneth Cole and Under Armour. At the time of the sale, Clarion said New England Development would continue to be responsible for “all development, leasing and management activities for Palm Beach Outlets.” The new owner closed on $165 million in financing shortly thereafter.
The Palm Beach Outlets span 460,000 square feet, which means the purchase of the marketplace brings Clarion’s total square footage to 760,000 square feet.
A mortgage was not recorded as of Monday afternoon.

Source: The Real Deal

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