Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Warehouse District, a popular mixed-use creative district with 85,000 square feet of restaurants, craft brewing, a rum distillery and creative commercial and fitness space in West Palm Beach, Florida.
The HFF team arranged the off-market transaction on behalf of both the seller, Johnstone Capital Partners, and the buyer, Asana Partners.
The Warehouse District comprises a portfolio of six buildings and is home to the 14,000-square-foot Grandview Public Market, which is a food hall concept with a variety of popular chef-inspired vendors, including Celis Produce, Clare’s Chicken, Cholo BBQ, Zipitios, Crema, Pumphouse Coffee Roasters, Poke Lab Eatery and more; the Steam Horse Brewery, which is West Palm Beach’s first craft brewery and taproom; Elizabeth Ave Station, a curated retail market, event space and communal workspace; Palm Beach Squash Club, Palm Beach County’s first premier boutique squash club; Grain and Barrel Sprits, a craft spirit company; District Workspaces, boutique co-working space with private office suites; Steel Tie Spirits; a state-of-the-art, multi-spirit, retail craft distillery; Gypsy Life Surf Shop, a curated lifestyle fashion boutique; VXIT, an IT consulting and services company; and Burn Up Company, a local vintage motorcycle shop.
The buildings were constructed between 1925 and 1968, and the redevelopment is maintaining the original historic character by integrating the original loading docks, columns and domed wood trusts ceilings into the current aesthetic. Public art and gathering places are a hallmark of the project, including The Railway, a 700-foot-long former rail line that bisects the property and once carried freight to and from the warehouses 40 years ago that has been preserved, reimagined and transformed into a landscaped pedestrian path connecting the community.
Situated just southwest of downtown West Palm Beach and east of Interstate 95, The Warehouse District benefits from a prime, highly accessible location with convenient highway access and strong surrounding demand drivers.
The HFF investment advisory team that arranged this transaction included director Eric Williams, executive managing director Manny de Zárraga, senior managing director and co-head of HFF’s retail practice Daniel Finkle and managing director Luis Castillo.
“The visionary developer of the Warehouse District, Johnstone Capital Partners, which is owned by E. Hunter Beebe, did a tremendous job,” Williams said. “Under the project leadership of Vice President William Earl, they have transformed a collection of previously underutilized industrial buildings into a cool, modern community that is the first of its kind in West Palm Beach. West Palm Beach is one of the fastest-growing cities in South Florida, and the emergence of The Warehouse District is a testament to the continued evolution of West Palm Beach into a thriving 18-hour city.”
About Johnstone Capital Partners
Johnstone Capital Partners is a privately-owned, fully integrated real estate investment management company based in Palm Beach, Florida. Johnstone Capital Partners seeks to deploy capital into specific defined strategies within the real estate sector that may be built around a particular geographic concentration, asset class or asset strategy. Johnstone Capital Partners’ professionals have been involved with over $12 billion or real estate transaction investment transactions throughout the United States. For more information, visit www.johnstonecapital.com.
About Asana Partners
Asana Partners is a retail real estate investment company known for investing in premier locations in high-growth markets across the U.S. Asana's portfolio spans over 15 urban destinations, including Dallas, Austin, Atlanta, Miami, Houston, Charlotte, Washington, D.C. and Los Angeles. Their character-rich locations offer an eclectic mix of independent, regional and nationally-recognized brands in retail, dining and office space. And their walkable properties consistently tap into the surrounding communities, providing an authentic neighborhood atmosphere at each location. For more information, visit www.asanapartners.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
