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TH Real Estate acquires Promenade Shopping Plaza in Palm Beach Gardens, Florida

Promenade Shopping Plaza

TH Real Estate has acquired the Promenade Shopping Plaza on Alternate A1A in Palm Beach Gardens, Florida.

The 202,696 sq ft grocery-anchored retail centre, is 97% occupied with major tenants including Publix, Bealls Outlet, Planet Fitness, Club Outlet Store and CVS. It was first developed in 1972 and redeveloped in 2015. The adjacent and nearby shopping destinations are home to numerous freestanding retailers such as Target, Lowe’s, Costco, Kohl’s, Home Depot, LA Fitness and Gander Mountain.

"This is a well-anchored, core, in-fill asset in a strong retail market. We expect it to provide a solid income stream and plan to further enhance the property’s upside potential via active asset management," said Manuel Martín, Head of the Southeast Region TH Real Estate. "The Palm Beach County population is on the upswing and the trade area has a high barrier-to-entry given limited available land for future development. We are bullish on these kinds of retail locations, which have consistently outperformed the NCREIF retail index over the last 20 years."

This is the first deal closed by TH Real Estate’s new Miami office, which opened in January 2017, to deploy investment and asset management capabilities in the Southeast US and Latin America. Headed by Manuel, who was formerly based in Madrid as the Head of TH Real Estate’s activities in Spain and Portugal, the regional office currently manages a total of $10.5bn (36 million sq ft) of real estate investments in the South East and Latin America across the four main real estate sectors, including office (Waterford at Blue Lagoon office park, 801 & 701 Brickell in Miami, Four Oaks Place In Houston); retail (International Plaza Mall in Tampa, Florida Mall in Orlando, JK Iguatemi in Sao Paulo, Brazil); multifamily (The Residences at Merrick Park in Coral Gables, The Manor at Flagler Village in Fort Lauderdale) and dozens of industrial properties throughout the region.

TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”), the investment management arm of TIAA. Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. COMP201700253

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