Lone Star Funds Sells Legacy Place Retail Real Estate Center in Palm Beach Gardens to DLC

Lone Star Funds has completed the sale of Legacy Place, a 419,936-square-foot regional retail center in Palm Beach Gardens, Florida, to DLC, an owner-operator of open-air retail real estate, the firm announced May 13, 2026.

An affiliate of Lone Star Real Estate Fund VI, L.P. executed the transaction, which represents the firm's exit from a value-add investment it originally made in 2021. Financial terms of the deal were not disclosed.

Legacy Place: A Value-Add Retail Real Estate Play

Lone Star originally acquired Legacy Place in 2021, identifying the property as a high-quality Class A retail asset in a growing market. Over the course of the investment, the firm pursued a proactive asset management strategy focused on attracting tenants and completing property upgrades to capitalize on demographic growth in Palm Beach Gardens and broader Palm Beach County.

The center spans 25 buildings. Anchor tenants include Publix, Cinepolis Luxury Cinemas, Dick's Sporting Goods, Best Buy, and Ashley Furniture.

"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."

Buyer DLC Expands Open-Air Retail Real Estate Portfolio

The buyer, DLC, is described by Lone Star as an owner and operator of open-air retail real estate. The acquisition adds a large-format, multi-anchor center to DLC's portfolio in one of Florida's more affluent coastal markets.

Lone Star Continues South Florida Commercial Real Estate Activity

The Legacy Place disposition comes as Lone Star Funds remains active in the South Florida commercial real estate market. The firm 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.

Lone Star has organized 26 private equity funds with aggregate capital commitments totaling approximately $96 billion since its first fund in 1995. The firm's funds seek opportunities in situations that are in flux or complicated by structural or financial factors, regardless of the prevailing market environment.

About the Firms

Lone Star Funds is an investment firm with its principal office in London, United Kingdom, advising funds that invest globally in private equity, credit, and real estate. DLC is an owner and operator of open-air retail real estate.