JLL Capital Markets handles $19 million sale of Rivertowne Square shopping center in Deerfield Beach, FL

Kim Flores

 

 MIAMI, FL – JLL Capital has closed the $18.75 million sale of Rivertowne Square, a 145,502-square-foot shopping center anchored by Winn-Dixie and Bealls Outlet in the South Florida community of Deerfield Beach.

 JLL marketed the asset on behalf of the seller, RPT Realty. South Florida-based JBL Asset Management acquired the center unencumbered of existing debt.

Eric Williams

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Director Eric Williams and Vice President Kim Flores.

 “Grocery-anchored retail centers along Federal Highway between Palm Beach County and Miami-Dade County rarely trade,” Williams said.

“Rivertowne Square represented the opportunity to acquire a well-located center on an infill 13-acre site with quality in-place tenancy and embedded value enhancement and/or future redevelopment potential, which was highly attractive to investors.”

Danny Finkle

 Anchored by Winn-Dixie and Bealls, the 91.9-pecent-leased Rivertowne Square is also home to a diverse tenant roster that includes Hard Exercise Works, Nail Face Spa, Katz Louise, Brutus Barbershop, Painting with a Twist, Belissimo and Perfect Hair Designs.

Additionally, the property has two included outparcels fully leased to Buffalo Wild Wings and Tijuana Taxi Co.

Rivertowne Square, Deerfield Beach, FL

 Rivertowne Square is positioned on 13.04 acres at the high-traffic intersection of North Federal Highway and SE 10th Street, which sees more than 72,000 vehicles per day.

This location is in an infill area of Deerfield Beach, an affluent community in the eastern part of Broward County that is bordered by Boca Raton and Pompano Beach.

This rapidly densifying area is already home to 108,014 residents within a three-mile radius with a buying power of $2.6 billion.

 CONTACT:

 Kimberly Steele

JLL Sr. Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com