Core Investment Management has successfully acquired Jacaranda Plaza, a prominent 175,084-square-foot shopping center in Plantation, Florida, anchored by a high-volume Publix. The transaction, facilitated by JLL Capital Markets, also included the arrangement of acquisition financing through U.S. Bank for the new owner. This strategic purchase highlights the continued investor interest in well-located, grocery-anchored retail assets in South Florida’s dynamic market.
Key Takeaways
- Core Investment Management has purchased Jacaranda Plaza, a 175,084 sq ft retail center in Plantation, Florida.
- The center is anchored by a Publix supermarket and is 97.9% leased.
- JLL Capital Markets represented the seller and arranged acquisition financing for the buyer.
Prime Location and Strong Tenancy
Jacaranda Plaza boasts a highly desirable location at the intersection of West Sunrise Boulevard and North University Drive, a corridor with significant daily traffic exceeding 95,000 vehicles. Its proximity to major interstates, including I-595, I-95, I-75, and Florida’s Turnpike, enhances its accessibility. The surrounding area is an established, affluent suburban community within Broward County, serving a dense population of over 191,000 residents within a three-mile radius.
The shopping center features a robust tenant mix, including national and regional retailers such as Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree. The anchor tenant, Publix, has a long-standing presence of 25 years at the property, underscoring its stability and appeal.
Investment Opportunity
Danny Finkle, Senior Managing Director at JLL, described Jacaranda Plaza as a compelling investment opportunity. He highlighted its status as a high-volume, Publix-anchored neighborhood shopping center in a densely populated South Florida location. The property benefits from proven existing tenancy and offers significant upside potential through mark-to-market lease opportunities. Finkle also noted the center’s strategic position within Broward County’s leading retail areas, supported by strong demand drivers, major employers, and substantial residential development, all contributing to favorable demographics and limited supply.
The JLL Capital Markets team involved in the transaction included Senior Managing Director Danny Finkle, Senior Director Jorge Portela, and Analyst Evan Lahr for investment sales and advisory. The debt advisory team comprised Senior Managing Directors Chris Drew and Brian Gaswirth, along with Analyst Luke Maganas.