Newmark Arranges Sale and Acquisition Financing for Legacy Place Retail Center in Palm Beach Gardens

Newmark has arranged the sale of and acquisition financing for Legacy Place, a 419,936-square-foot open-air retail center in Palm Beach Gardens, Florida, the firm announced June 9, 2026. A joint venture between DLC Management and Principal Asset Management acquired the property from Lone Star Funds, with Wells Fargo providing acquisition financing. Financial terms of the transaction were not disclosed.

Deal Structure and Advisory Team

Newmark's Head of Retail Capital Markets, North America, Conor Lalor served as strategic advisor to Lone Star Funds, while Senior Managing Director Eric Williams arranged the transaction. Co-Head of U.S. Capital Markets Adam Spies, Senior Managing Director Kyle Minter, Director James Sharpe and Associate Director Andrei Larion also advised on the sale.

On the financing side, Lalor, Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, Managing Director John Caraviello and Associate Director Dan Axelson secured the acquisition loan from Wells Fargo on behalf of the buying joint venture.

Property Overview and Retail Tenant Mix

Legacy Place sits on approximately 43 acres along PGA Boulevard in Palm Beach Gardens, near The Gardens Mall and with proximity to Interstate 95 and Florida's Turnpike. Traffic counts along PGA Boulevard exceed 100,000 vehicles per day, according to the announcement. The property is 94% leased and features a mix of national and lifestyle tenants including Total Wine & More, Best Buy, Barnes & Noble, Michaels, Petco, EoS Fitness, Ethan Allen, The Capital Grille and Eddie V's.

The surrounding trade area is characterized by dense, affluent residential communities and continued population growth, according to Newmark. The firm noted that ongoing residential and mixed-use development in the area further supports the asset's long-term outlook.

"Legacy Place represents a rare opportunity to acquire a dominant, institutionally scaled retail asset in one of the most desirable submarkets in the country," Lalor said in the announcement. "The combination of strong in-place cash flow, high-quality tenancy and long-term embedded growth potential continues to drive investor demand for assets of this caliber."

Market Context: Retail Investment Activity

According to Newmark Research, retail investment sales increased 20% year-over-year in 2025, with renewed investor interest and deeper buyer pools targeting high-quality, necessity- and experience-driven assets. The firm described pricing conditions as more stable.

"Palm Beach Gardens is supported by exceptional demographics and sustained demand," said Eric Williams. "This transaction underscores the depth of capital targeting high-quality retail in fundamentally strong markets."

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK) is a publicly traded commercial real estate services firm. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of that date, Newmark and its business partners operated from over 185 offices with more than 9,600 professionals across four continents.

Sources: Newmark Press Release, June 9, 2026