DLC Management and Principal Asset Management Acquire Legacy Place Mall From Lone Star Funds for Over $114M

Deal Summary

DLC Management and Principal Asset Management, via a joint venture, announced the purchase of the 419,936‑sq‑ft Legacy Place open‑air shopping center in Palm Beach Gardens, Florida, from Lone Star Funds. The deal includes assuming a $78 million mortgage from Wells Fargo and adding $78 million of new debt, bringing total acquisition debt to $114 million, with a likely sale price north of $114 million. The property is 94% leased to tenants such as Barnes & Noble, Best Buy and The Container Store.