An affiliate of TIAA, TH Real Estate, has picked up the Promenade Shopping Plaza in Palm Beach Gardens in a $49.25 million deal. Located on Alternate A1A, the shopping center was built in 1972 and redeveloped by the seller, Woolbright Development, in 2015. The 202,696 square foot retail center was 97 percent leased at the time of the sale with national tenants including Publix, Bealls Outlet, Planet Fitness, Club Outlet Store and CVS. TH Real Estate, an operating division of TIAA Global Asset Management, is one of the largest real estate managers in the world with $96.8 billion in assets under management.
