Palm Beach Gardens, Fla. — TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has acquired the Promenade Shopping Plaza, a 202,696-square-foot, grocery-anchored retail center in Palm Beach Gardens.
The seller and sales price were undisclosed, but the South Florida Business Journal reports that TH Real Estate purchased the shopping center from Boca Raton, Florida-based Woolbright Development for $49.3 million. The property was 97 percent leased at the time of sale to tenants such as Publix, Bealls Outlet, Planet Fitness, Club Outlet Store and CVS/pharmacy. First developed in 1972 and redeveloped in 2015, Promenade Shopping Plaza is the first deal closed by TH Real Estate’s new Miami office, which opened in January. The regional office currently manages a total of $10.5 billion of real estate investments spanning 36 million square feet of office, retail, industrial and multifamily space in the Southeast and Latin America.