CRC Sells Fort Lauderdale-Area Shopping Center for $22M
Continental Realty Corp. has sold Ridge Plaza, a 138,554-square-foot regional shopping center in Davie, Fla. An affiliate of JBL Asset Management purchased the asset for $22.3 million. JLL Capital Markets represented the seller.
The shopping center came online in 1984 and was 98.6 percent occupied at the time of the deal. Anchored by Paragon Theaters and Off The Wall Family Entertainment Center, the four-building Ridge Plaza also features a diverse mix of retailers such as Goodwill, Dunkin’ and Metro by T-Mobile.
Senior Managing Director Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores led the investment advisory team which represented CRC.
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Located at at 9000-9200 W. State Road 84 on some 13 acres, the retail center is in Fort Lauderdale’s Davie submarket. Ridge Plaza is near Interstate 595, for direct access to downtown Fort Lauderdale. The property serves approximately 640,000 residents, in an area where the average annual household income is more than $100,000, according to JLL.
In the second quarter of this year, Broward County continued to witness positive retail industry trends across key metrics and adapted to increased supply, according to a recent Colliers report. Broward County has risen into the top 10 markets for highest retail asking rates in the U.S. The same report shows that the vacancy rate in Fort Lauderdale clocked in at 4.1 percent and the average asking rate reached $33.06 per square foot. The submarket also had 75,795 of square feet of retail space under construction as of the second quarter.
Transactions through a close-ended fund
Continental Realty Corp. purchased Ridge Plaza on behalf of Continental Realty Fund IV L.P. for $21.3 million back in 2017.
Through its Continental Realty Opportunistic Retail Fund I LP, CRC has also entered Virginia this year, with the acquisition of a 160,830-square-foot neighborhood shopping center in Richmond. ShopCore sold the asset for $22 million, in a transaction brokered by JLL. CRC reached the final closing of the fund last year. At the time, the firm raised $200 million in the fund itself and $40 million in two co-investment vehicles.
On behalf of Continental Realty Fund V L.P., the company also recently sold a 292,000-square-foot regional shopping center in Hagerstown, Md., for $36.3 million. JLL brokered the transaction on behalf of CRC.
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