$22.25M sale of regional shopping center arranged in South Florida

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.

For more news, videos and research resources, please visit JLL's newsroom.

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