Four years after acquiring Legacy Place in Palm Beach Gardens, Florida, Lone Star Funds has sold the repositioned retail property to DLC, an owner-operator of open-air retail real estate.

The sale of the 419,936-square-foot Class A center completes a value creation plan built on physical upgrades and active tenant management.

Legacy Place serves the Palm Beach Gardens community in northern Palm Beach County, a market that has drawn sustained population growth and rising household incomes.

The open-air property houses a mix of destination retail tenants and benefits from the submarket's strong demographic tailwinds.

Lone Star purchased the property in 2021 through an affiliate of Lone Star Real Estate Fund VI.

During its hold, the firm implemented property improvements and pursued a proactive leasing strategy to attract high-credit tenants, elevating the center's profile as a regional retail draw.

DLC, a specialist in open-air retail properties, adds the asset to a national portfolio and deepens its South Florida footprint with a stabilized, income-producing center.

Lone Star continues to invest in the region, having recently acquired The Alhambra office complex in Coral Gables and 401 East Las Olas Boulevard, a mixed-use tower in downtown Fort Lauderdale.