Core Investment Management has successfully acquired Jacaranda Plaza, a prominent 175,084-square-foot Publix-anchored neighborhood shopping center located in Plantation, Florida. The transaction, facilitated by JLL Capital Markets, marks a significant addition to Core Investment Management’s portfolio in a high-demand South Florida market.
Key Takeaways
- Core Investment Management acquired the 175,084 sq ft Jacaranda Plaza in Plantation, Florida.
- The center is 97.9% leased, anchored by Publix and featuring major tenants like Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree.
- JLL Capital Markets represented the seller and also arranged acquisition financing through U.S. Bank for the new owner.
- The plaza boasts a prime location with high traffic counts and excellent accessibility to major highways.
Strategic Location and Tenant Mix
Jacaranda Plaza is strategically situated at the busy intersection of West Sunrise Boulevard and North University Drive, benefiting from over 95,000 daily vehicle trips. Its proximity to major interstates, including I-595, I-95, I-75, and Florida’s Turnpike, ensures excellent connectivity. 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 is currently operating at a high occupancy rate of 97.9%. It features a robust mix of national and regional retailers, with Publix serving as the primary anchor tenant, maintaining a strong presence for 25 years. Other key tenants include Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree, contributing to the center’s diverse retail offerings.
Investment Opportunity
Danny Finkle, Senior Managing Director at JLL, highlighted Jacaranda Plaza as a compelling investment opportunity. He noted the center’s high-volume Publix anchor, dense South Florida location, proven tenancy, and potential for future growth through mark-to-market lease adjustments. The plaza’s position within a leading retail hub, supported by strong demographic trends and limited supply, positions it for sustained success.
JLL’s Investment Sales and Advisory team, led by Danny Finkle, Jorge Portela, and Evan Lahr, managed the sales aspect of the transaction. Concurrently, JLL’s Debt Advisory team, including Chris Drew, Brian Gaswirth, and Luke Maganas, secured the acquisition loan from U.S. Bank on behalf of Core Investment Management.
Sources
- Core Investment Management acquires Jacaranda Plaza from Epic Real Estate Partners, JLL.
- Where rental investors can find good ROI — and less red tape, RealEstateNews.com.