Core Investment Properties Fund and a partner bought a Publix-anchored shopping center in Plantation for $53 million.
Grocery-anchored retail plazas are hot commodities in South Florida, as the asset class has proven resilient to e-commerce and other market headwinds.
Miami-based Core and Miami Beach-based investor James Resnick purchased the 184,300-square-foot Jacaranda Plaza at 8101-8373 West Sunrise Boulevard from Austin-based Epic Real Estate Partners and Chicago-based Heitman, according to records and real estate database Vizzda. The buyers borrowed $34.5 million from U.S. Bank.
The price amounts to $288 per square foot.
Jacaranda Plaza consists of three one-story buildings completed in 1974 and 1999 on 16.2 acres, Vizzda records show. It was renovated in 2013.
Aside from Publix, the shopping center also is anchored by Ross Dress for Less. Other tenants include Five Below, Planet Fitness, Dollar Tree and nurse registry Value Care At Home.
An entity tied to Epic –– led by Daniel Holland, Jason Maddox and Nick Tortorice –– had paid $29.3 million for the plaza in 2016, Vizzda records show. In 2022, Epic and Heitman formed a joint venture through which Epic recapitalized five properties, including Jacaranda Plaza, according to a joint news release issued at the time.
Core, a retail investment firm focused on Southeast markets, primarily Florida, owns and manages a portfolio of about 2.5 million square feet, its website shows. Led by Adam Greenberg and Michael Lapointe, Core has been a frequent investor in South Florida.
In August, Core and Spectrum Business Ventures sold the Aldi-anchored Palmetto Plaza at 15905-16341 Northwest 57th Avenue in Miami Gardens at a discount for $22.5 million. The buyer assumed the $22.5 million loan on the property, which Core and Spectrum had purchased for $33.6 million in 2020, records show.
In 2022, Core paid $44.8 million for the Deerwood Town Center at 11905 Southwest 152nd Street and 12107 Southwest 152nd Street in Miami-Dade County’s West Kendall neighborhood.
Resnick’s investments include the Kendall Marketplace at 11531-11631 Southwest 88th Street in Kendall, which he bought for $32 million in 2022.
In other recent grocery-anchored sales, Boca Raton-based Carlyle Management and an entity managed by Edward Rutkovsky bought Royal Eagle Plaza at 9100-9190 Wiles Road in Coral Springs last month for $60.5 million. The center is anchored by Aldi, Hobby Lobby and Petco.
San Francisco-based Stockbridge Capital Group paid $118.4 million in September for the 150,600-square-foot retail portion of the Uptown Boca mixed-use development at 20940 Uptown Avenue near Boca Raton. The plaza is anchored by Whole Foods Market.
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