JBL Asset Management’s South Florida retail portfolio experienced a growth spurt with a $25 million Broward shopping center purchase.
Hollywood-based JBL, led by Jacob Khotoveli, acquired Palm Square, a 77,621-square-foot center with two outparcels that is 94 percent occupied, a press release states. The property sold for $4.6 million above the previous sale price six years ago.
Kirk Olson and Drew Kristol with Marcus & Millichap represented the buyer and the seller, an affiliate of North Miami Beach-based Galium Capital, led by Jacques Bessoudo. In 2019, Galium paid $20.4 million for the 8-acre site, records show.
Palm Square has “strong in-place cash flow” that the buyer can increase quickly by ramping up leasing of the shopping center’s vacant spaces, Olsen and Kristol said in a statement.
Built in 1987, Palm Square’s outparcels have long-term leases with Dunkin’ and KFC, the release states. The tenant roster includes Sherwin-Williams Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry, Florida Health Care and Fordham Fitness.
JBL, which focuses on shopping centers, currently owns and operates a portfolio of about 4.7 million square feet across the country, the firm’s website states. In South Florida, JBL owns seven shopping centers in Miami-Dade, Broward and Palm Beach counties.
Last year, the firm acquired Ridge Plaza, a 138,600-square-foot shopping center in Davie, for $22.3 million. JBL’s other shopping centers include Plaza at Wellington Green in Wellington, and Village Shoppes in Royal Palm Beach. In 2018, JBL paid $20.6 million for Village Shoppes, a 30.1 acre-retail site anchored by a Burlington big box store. Other tenants include Planet Fitness, U.S. Postal Service and Supermercados El Bodegon.
A year later, JBL acquired Plaza at Wellington Green for $18 million. The Men’s Warehouse-anchored shopping center sits on 10 acres within a 97-acre development that includes Wellington Green Mall, an indoor shopping center anchored by Macy’s, Nordstrom, Dillard’s and JCPenney.
