$22.25M sale of regional shopping center arranged in South Florida
JLL Capital Markets completed the sale of Ridge Plaza, a highly trafficked shopping center located in the Fort Lauderdale MSA
MIAMI, Aug. 23, 2024 – JLL Capital Markets announced today that it has arranged the $22.25 million sale of Ridge Plaza, a 138,554-square-foot regional shopping center located in Davie, Florida.
JLL represented the seller, Continental Realty Corporation, and an affiliate of JBL Asset Management acquired the asset.
Situated on a 13.52 acre site, Ridge Plaza is currently 98.6% occupied to a diverse tenant roster covering food & beverage, service, discount shops and entertainment uses led by Paragon Theaters, Goodwill, and Off The Wall among others.
Nestled at 9000-9200 W State Rd. 84, Ridge Plaza enjoys a prime, highly trafficked location with prominent frontage along I-595 and State Road 84 within a 15-minute drive of over 640,000 residents with an average annual household income of +$100,000.
The town of Davie is located just southwest of Fort Lauderdale and serves as Broward County’s nexus of higher education as the home of the South Florida Educational Center, Nova Southeastern University, Broward College, Florida Atlantic University and the University of Florida’s Fort Lauderdale Research and Education Center.
JLL Capital Market’s Sale and Investment Advisory team representing the seller was led by Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores.
“Infill retail centers in South Florida continue to attract outstanding investor demand,” Williams said. “Ridge Plaza represented the opportunity to acquire a well-located center on a prime +13-acre site with established tenancy, a secure revenue stream and substantial embedded value enhancement potential.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Continental Realty Corporation
Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of almost eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $4 billion. For additional information, visit www.crcrealty.com
About JBL Asset Management
JBL Asset Management is a fully integrated commercial real estate investment and management company that primarily invests in retail shopping centers in major MSAs across the country. JBL’s current portfolio totals about 4.4 million square feet and is located across 11 different states, with concentrations in Florida, Georgia and Texas. Founded in 2005 by Jacob Khotoveli, the firm’s investment philosophy has continued to evolve along with market cycles and new opportunities. JBL’s integrity and speed of execution have made it a sought-after transaction partner for institutional and private investors alike. In the past 24 months, JBL has executed on 7 separate transactions which included 12 properties totaling 1,684,374 square feet. For additional information, visit www.jblmgmt.com