Palm Beach Outlets

West Palm Beach, FL

Purchased: October 2011

Purchase Price: $35.5M

Size: 750,000 SF / 90 acres

Total Project Cost: $250M

Sold: December 2014 / $400M

This 1.2 million square foot enclosed mall along Interstate 95 in West Palm Beach, Florida had suffered several anchor, junior anchor, and small shop vacancies. Eastern saw value in the location and the potential for a next generation retail destination. Eastern sourced the opportunity and formed a partnership with New England Development and Lubert Adler to acquire the failed mall, perfect the title, assemble the anchors and secure permitting for this 90-acre site.

In 2014, Palm Beach outlets opened as a 750,000 square foot shopping destination with over 130 stores and restaurants creating thousands of jobs in the region. The partnership sold the asset in 2014 for $400 million, creating approximately $150 million in value.