JBL Asset Management, through an affiliate, bought the Ridge Plaza retail center in Davie for $22.3 million, marking an uptick in shopping center deals.
Continental Realty Corporation sold the 138,600-square-foot property at 9000-9200 West State Road 84, according to a news release from the seller’s broker.
Danny Finkle and Eric Williams were part of the JLL team that represented Continental Realty.
The shopping center, completed in 1984, sits on a 13.5-acre site, records show.
Ridge Plaza is nearly fully leased, with tenants including Paragon Theaters, Goodwill and Off The Wall, the release says.
JBL, based in Hollywood, is a shopping center development, management and acquisition firm, according to its website. Led by managing partner Jacob Khotoveli, who founded the firm in 2005, JBL has a portfolio of more than 4.3 million square feet.
Baltimore, Maryland-based Continental Realty is a multifamily and commercial real estate investment and management firm, its website shows. It’s led by CEO JM Schapiro.
In December, Continental Realty sold the Walmart Neighborhood Market-anchored Cypress Run Marketplace at 10599-10667 West Atlantic Boulevard in Coral Springs for $21.3 million. Continental Realty had paid $13.6 million for the property in 2015.
In 2021, Continental Realty bought the LA Fitness-anchored Shoppes at Sherbrooke retail center at 8888-8954 Lantana Road near Wellington for $11.3 million. The buyer made the purchase on behalf of its Continental Realty Fund V.
South Florida is seeing ongoing retail sales, despite elevated interest rates and economic headwinds slowing commercial deals. This month, Yakov Cohen paid $17.7 million for a big box store leased to Ross Dress for Less at 18495 Biscayne Boulevard in Aventura. That came on the heels of Longpoint Realty Partners’ $33.1 million purchase of the Palm Aire Marketplace at 299 South Powerline Road in Pompano Beach. The shopping center is anchored by Presidente Supermarket and dd’s Discount stores.