JLL, which handled the deal for the seller, described the mall as a “high-traffic location.” According to JLL, it is within a 15-minute drive of more than 640,000 residents, with the average household income here exceeding $100,000 per year.
“Infill retail centers in South Florida continue to attract tremendous demand from investors,” said Eric Williams, chief executive officer of the real estate giant.
“Ridge Plaza offered the opportunity to acquire a well-located center on a prime 13+ acre site with an established lease, secure revenue streams and significant appreciation potential.”
Additionally, there are major schools in or near Davie, including the South Florida Educational Center, Nova Southeastern University, and Florida Atlantic University. The city is located southwest of Fort Lauderdale.
In general, in South Florida: Retail fundamentals look solid so far in 2024. Rents rose nearly five percent, while the vacancy rate was just 2.8 percent in the first quarter, according to data from CoStar. Additionally, net absorption has outpaced deliveries over the past three years, according to a report from Lee & Associates. Miami-Dade County stands out with its vacancy rate of 2.7 percent in the first quarter – the lowest in a decade and 30 basis points lower than the previous three months.
JBL Asset invests primarily in shopping centers. Its portfolio of 4.4 million square feet spans 11 states, with the company focusing primarily on Florida, Texas and Georgia. In addition, JBL has completed several transactions for 12 properties totaling over 1.6 million square feet over the past two years.
