DLC Management and Principal Asset Management acquired Legacy Place, a 419,936-square-foot open-air mall in Palm Beach Gardens, Florida, from Lone Star Funds. The purchase price exceeded $114 million.
Legacy Place operates at 94 percent occupancy with a solid tenant roster. Barnes & Noble, The Container Store, Jos. A Bank, Capital Grille, and Petco anchor the property. This leasing strength reflects the center's appeal in a competitive South Florida retail market.
The sale marks Lone Star Funds' exit from the asset. For the new ownership team, the acquisition adds a stabilized retail property with premium tenancy and strong fundamentals. The high occupancy rate suggests minimal leasing risk in the near term, though retail operators face ongoing pressure from e-commerce competition and changing consumer habits.
For retailers leasing at Legacy Place, the ownership transition likely brings operational continuity. DLC Management and Principal Asset Management typically maintain existing lease structures while seeking renewal opportunities. For landlords and investors watching South Florida retail, this deal signals that well-positioned open-air centers with strong brands and foot traffic still command significant capital. The price point reflects confidence in the property's durability despite broader retail sector headwinds.
Buyers in the area should note that institutional capital remains active in Florida retail despite uncertainty elsewhere. This transaction demonstrates that quality assets with solid tenancy and location can attract premium pricing even as traditional department store anchors face challenges nationwide.