JP Morgan Buys Suburban Retail Center in South Florida for $54M
By Julia Echikson November 7, 2025 1:45 pm
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J.P. Morgan Real Estate Income Trust paid $53.6 million for a shopping center near the outer, western corner of Broward County, Fla., property records show.
Called The Shoppes at Heron Lakes, the 17.1-acre property sits just south of the Sawgrass Expressway, about two miles east of the Everglades National Park, at 5771 and 5791 Coral Ridge Drive in Coral Springs, Fla. Tenants at the fully occupied, 145,618-square-foot retail center include CVS, Carvel, Crunch Fitness, McDonald’s and First Citizens Bank.
The sale marks the first time the property has sold since its completion in 2008. The seller, Sunrise-based entities tied to Mario Hernandez, could not be reached for comment.
Retail investment sales have picked up in South Florida in 2025. Since the start of the year, the region has recorded about $900 million in transactions, already $200 million more than in all of 2024, according to data from the Miami Realtors trade association.
Major deals have included 11North Partners and Bain Capital’s nearly $400 million acquisition of 10 Publix-anchored properties. Since last year, Publix itself has bought seven shopping centers it anchors in South Florida, paying nearly $345 million in total.
A representative for J.P. Morgan did not immediately provide comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
