JBL Buys South Florida Retail Center for $22M

JBL Asset Management paid $22.3 million for a strip mall in Davie, Fla., according to JLL, which represented the seller, Continental Realty. 

Called Ridge Plaza, the 138,554-square-foot mall sits between 9000 and 9200 West State Road 84, facing Interstate 595. The 13.5-acre property is 98.6 percent occupied with tenants that include Paragon Theaters, Goodwill thrift store, and Off The Wall children’s amusement center. 

“Ridge Plaza represented the opportunity to acquire a well-located center on a prime 13-plus-acre site with established tenancy, a secure revenue stream and substantial embedded value enhancement potential,” JLL’s Eric Williams said in a statement. 

The broker represented Continental Realty alongside Danny Finkle, Jorge Portela and Kim Flores. A representative for the investor confirmed the sale price. 

JBL Asset Management, which is based in Hollywood, Fla., owns five retail properties in South Florida, all of them strip malls, according to its website. 

Continental Realty has been selling off some of its South Florida properties. In December, the Baltimore, MD.-based investor sold a 93,843-square-foot retail center in Coral Springs for $21.3 million. It still owns a 57,901-square-foot property, anchored by Planet Fitness, in Lake Worth.

Julia Echikson can be reached at jechikson@commercialobserver.com.