Core Investment Management Acquires Publix-Anchored Retail Plaza For $53 Million

JLL Capital Markets announced the sale and financing of Jacaranda Plaza, a dominant Publix-anchored neighborhood shopping center totaling 175,084 square feet in Plantation.

JLL worked on behalf of the seller, a joint venture between Epic Real Estate Partners and Heitman, with Core Investment Management acquiring the asset for $53 million. Working on behalf of the new owner, JLL also arranged the acquisition loan through U.S. Bank.

Jacaranda Plaza occupies a premier location at the intersection of West Sunrise Boulevard and North University Drive with combined daily traffic counts of 95,000 vehicles and immediate access to Interstate 595, Interstate 95, Interstate 75 and Florida’s Turnpike. Located in an established, high-income suburban enclave in the heart of Broward County, the property serves a densely populated trade area of 191,750 residents within three miles.

Currently 97.9% leased, the shopping center features a strong mix of national and regional retailers anchored by Publix, which has maintained a 25-year tenure at the property. Additional major tenants include Ross Dress for Less, Five Below, Planet Fitness and Dollar Tree.

The JLL Investment Sales and Advisory team was led by Senior Managing Director Danny Finkle, Senior Director Jorge Portela and Analyst Evan Lahr.

The JLL Debt Advisory team was led by Senior Managing Directors Chris Drew and Brian Gaswirth, along with Analyst Luke Maganas.

“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,” said Finkle. “Positioned among Broward County’s leading retail nodes with exceptional demand drivers including major employers and substantial residential development, Jacaranda Plaza benefits strong demographics and limited supply, which positions the asset for long-term success.”