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| Jacaranda Plaza Retail Center, 8349 West Sunrise Boulevard, Plantation, FL |
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| Daniel Finkle |
MIAMI, FL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $29.3 million sale of
and secured $19.9 million in acquisition financing for Jacaranda
Plaza, a 173,044-square-foot, Publix-anchored retail center on 16.20 acres
at 8249 West Sunrise Boulevard in the Fort Lauderdale-area community of
Plantation, Florida.
HFF marketed the property
on behalf of the seller, Ram Realty Services (Ram). Epic Real Estate Partners purchased the
asset. Additionally, working on behalf
of the new owner, HFF placed the five-year, fixed-rate loan with BankUnited.
Originally developed in
1974, Ram acquired interest in Jacaranda Plaza in October 2011 on behalf of Ram
Realty Partners III through the purchase of a promissory note.
Ram took title to the
property in early 2012 through foreclosure and completed significant
improvements to Jacaranda Plaza in 2013, including façade enhancements, fresh
landscaping and roof replacement.
Ram also added Planet Fitness and Dollar Tree
to an already-strong tenant mix, including anchors Publix, Stein Mart and a
diverse mix of shop tenants such as Regions Bank, T-Mobile, GNC and
Gamestop. The shopping center was
86-percent occupied at the time of sale.
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| Luis Castillo |
Situated on the “going
home” side of Sunrise, the center is at the signalized intersection of
University Drive and Sunrise with combined traffic counts of more than 105,000
vehicles per day.
The HFF investment sales
team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.
The HFF debt placement
team representing the new owner was led by senior managing director Paul Stasaitis and managing director Adam Herrin.
“Jacaranda Plaza is a
remarkable success story,” said Ram President Jim Stine. “We were able to secure a sub-performing loan at a
significant discount and implement a value-add strategy that saw major
improvements to the center.
“This is the type of
retail deal we continue to pursue: We want to deploy our people and our capital
in a way that creates a real impact in our core, urban markets and generates
positive results for our investors.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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