DLC Management And Principal Asset Management Acquire Legacy Place Retail Center From Lone Star Funds

Legacy Place, located at 11315 Legacy Avenue in Palm Beach Gardens, FL, is a retail asset that spans 419,936 square feet and encompasses 43.1 acres. The open-air retail center was sold from Lone Star Funds' LSREF6 Legacy LLC to a partnership consisting of DLC Management and Principal Asset Management. The property was built in 2006 and is currently 93% leased following a post-pandemic repositioning, indicating strong leasing activity and future potential for redevelopment.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: Exceeds $100 million
• Buyer: Adam Ifshin - DLC Management
• Buyer: Kamal Bhatia - Principal Asset Management
• Seller: Donald Quintin - Lone Star Funds
• Brokers: Newmark
• Market: Palm Beach Gardens, FL
• Year Built: 2006
• Leased Percentage: 93%

The deal involved key players including Adam Ifshin, representing DLC Management, and Kamal Bhatia, representing Principal Asset Management, who are set to oversee leasing and potential redevelopment of the property. Donald Quintin acted on behalf of the seller, Lone Star Funds, with Newmark providing brokerage services for the transaction.