Palm Beach Outlets Real Estate Case Study

Situation

Originally developed by the DeBartolo Corporation, The Palm Beach Mall opened in 1967 as Florida’s first fully-enclosed regional mall and was the largest mall in the southeastern United States at the time. Throughout the 1970s and 1980s, the mall was a strong performer and featured such tenants as JC Penney, Lord & Taylor, Jordan Marsh, and Sears. However, the mall fell on hard times due to competition and the economic downturn, ultimately closing in 2010.

The Palm Beach Mall had fallen on hard times and was primed for a redevelopment

Result

Atlantic quickly recognized the opportunity presented by more than 80 acres adjacent to I-95 in one of Florida’s wealthiest counties. Atlantic’s Jupiter office worked closely with longtime clients, Eastern Real Estate and New England Development to acquire the real estate and negotiate buyout terms of the remaining tenants. With property control secured, Atlantic used its extensive project leasing experience to pre-lease the 300,000 SF Marketplace at the Outlets to tenants such as Whole Foods, Nordstrom Rack and Bed Bath & Beyond. The project opened in 2014 resulting in a $300 million economic impact to the community and making the site one of the most-visited shopping destinations in Palm Beach County.