Publix-Anchored South Florida Shopping Center Sells for $53M

Core Asset Management purchased a Publix-anchored shopping center in Plantation, Fla., for $53 million, property records show.

Called Jacaranda Plaza, the 175,084-square-foot property is adjacent to North University Drive at 8101 West Sunrise Boulevard. The complex was completed on a 16.2-acre site in 1999, the year Publix opened a 37,887-square-foot location. 

Today, the complex is 97.5 percent leased with tenants that include Ross Dress for Less, Five Below, Planet Fitness and Dollar Tree, per JLL, which brokered the sale.

“Jacaranda Plaza represented a compelling investment opportunity to acquire a high-volume Publix-anchored neighborhood shopping center in a dense South Florida location with proven existing tenancy and long-term embedded upside through mark-to-market lease opportunities,” JLL’s Danny Finkle said in a statement.

U.S. Bank provided a $34.5 million acquisition loan. JLL’s Chris Drew, Brian Gaswirth and Luke Maganas arranged the debt, while Jorge Portela and Evan Lahr, represented the sellers alongside Finkle. 

A joint venture between Epic Real Estate Partners and Heitman purchased the asset for $29.3 million in 2016, according to property records. Jacaranda Plaza sits near the center of Plantation, a suburban community east of Fort Lauderdale.

Investor demand for grocery store retail remains robust, thanks to return traffic and habitual spending from consumers, even as prices rise because of tariffs. In August, Ram Realty Advisors paid $53 million for a shopping center in Jupiter, Fla., where Whole Foods is set to open as the anchor tenant. The sale price was nearly double what the property traded for a decade ago. 

In October, Asana Partners purchased a grocery-anchored retail center near Coral Gables for $62 million, marking the first time the 93,917-square-foot property sold since 1986. 

Representatives for Austin-based Epic Real Estate Partners and Chicago-based Heitman did not immediately respond to requests for comment, while a spokesperson for Core Asset Management could not be reached for comment.

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