Lone Star Funds (“Lone Star”) today announced that an affiliate of Lone Star Real Estate Fund VI, L.P. has successfully completed the sale of Legacy Place, a 419,936-square-foot regional retail center located in Palm Beach Gardens, FL, to real estate investor DLC, an owner/operator of open-air retail real estate.
Lone Star originally purchased the property in 2021, recognizing an opportunity to acquire a high-quality Class A retail property in a growing market. During the course of the investment, Lone Star focused on implementing a proactive asset management strategy to attract strong tenants and on making necessary property upgrades to capture the strong demographic tailwinds of Palm Beach Gardens and broader Palm Beach County.
“The sale of Legacy Place is an excellent outcome and a testament to the property’s current strength,” said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. “We are pleased by what we have accomplished improving the property through our strategic repositioning approach and are grateful for the partnership of many top-tier tenants who helped enhance the consumer experience and further established Legacy Place as a premier retail destination in the region.”
Lone Star continues to actively invest in the South Florida commercial real estate market having recently acquired The Alhambra, an office complex in Coral Gables, and 401 East Las Olas Boulevard, an office and retail tower in downtown Fort Lauderdale.
About Lone Star
Lone Star is a leading investment firm with its principal office in London, UK advising funds that invest globally in private equity, credit and real estate. The firm has been successfully navigating complex situations for over 30 years. The funds are experienced value investors that seek opportunities in situations that are in flux or complicated by specific structural or financial factors, regardless of the prevailing market environment. Our deep bench of senior leaders and expert deal professionals ensures a strong foundation for successful investments and strategic decision-making. Since the establishment of its first fund in 1995, Lone Star has organized 26 private equity funds with aggregate capital commitments totaling approximately $96 billion. For more information regarding Lone Star Funds, go to www.lonestarfunds.com. Follow us on LinkedIn.
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