JLL, which brokered the deal for the seller, described the shopping center as a “high traffic location,” with more than 640,000 residents within a 15-minute drive, with a median household income of more than $100,000, it said.
“Infill shopping centers in South Florida continue to attract significant investor demand,” said Eric Williams, senior director at the real estate giant.
“Ridge Plaza presented an opportunity to acquire a well-located center on more than 13 acres of prime land with established tenants, a stable revenue stream and the potential for significant value appreciation.”
Additionally, major schools such as the South Florida Education Center, Nova Southeastern University, and Florida Atlantic University are located in or near Davie, which is southwest of Fort Lauderdale.
In South Florida, retail fundamentals generally look strong going into 2024. First-quarter rents increased nearly 5%, yet vacancy rates were just 2.8%, according to CoStar data. Additionally, a Lee & Associates report found that net absorption has outpaced supply for the past three years. Miami-Dade County stood out with a first-quarter vacancy rate of 2.7%, the lowest in the past decade and down 30 basis points from the prior three months.
JBL Asset invests primarily in shopping centers, with a portfolio spanning 4.4 million square feet across 11 states. The company is primarily focused on Florida, Texas and Georgia. Additionally, in the past two years, JBL has closed multiple transactions on 12 properties totaling more than 1.6 million square feet.
