Clarion Partners sells BJ’s-anchored retail center for $40M

Clarion Partners CEO David Gilbert and 500 North State Road (Credit: Google Maps)

Clarion Partners sold a BJ’s Warehouse-anchored retail center in Royal Palm Beach for $39.5 million.

New York-based Clarion Partners sold the 232,765-square-foot property at 500 North State Road for $169 per square foot, records show. Coral Sky Retail LLC, managed by Kenneth R. Silverman of Key West, bought the retail center.

Coral Sky Retail scored a $26.1 million loan from Morgan Stanley Bank to acquire the property, records show. Other tenants include Ross Dress for Less and Bed Bath & Beyond.

The property last sold for $41.2 million in 2006, which means Clarion Partners sold the property at a discount, records show.

Clarion, led by CEO David Gilbert, has $53.6​​ billion in total assets under management, according to its website.

The company is very active in South Florida. In July, Clarion Partners and Atlanta-based Cortland purchased a 384-unit apartment development called the Broadstone North Boca Village, in Boca Raton, for $120 million. It marked one of the largest South Florida multifamily sales of 2019.

In 2015, the company partnered with New England Development to purchase the Palm Beach Outlets shopping center for $278 million. A year later, Clarion paid $109 million for the ground leases of a major mixed-use building on Lincoln Road in Miami Beach.

The sleepy town of Royal Palm Beach is seeing more investment activity. Notably, developer Brian Tuttle is seeking to build a $650 million master-planned community that will include 1,000 apartments, 100 single-family homes, a charter school, a park and a 32-acre commercial center.

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from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/01/23/clarion-partners-sells-bjs-anchored-retail-center-for-40m/
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