Core Investment Management has successfully acquired Jacaranda Plaza, a prominent 175,084-square-foot shopping center in Plantation, Florida. The deal, brokered by JLL Capital Markets, saw Core Investment Management purchase the asset from a joint venture between Epic Real Estate Partners and Heitman. JLL also facilitated the acquisition loan through U.S. Bank for the new owner.
Key Takeaways
- Core Investment Management has acquired Jacaranda Plaza, a 175,084 sq ft shopping center in Plantation, Florida.
- The center is anchored by a high-volume Publix and is 97.9% leased.
- JLL Capital Markets represented the seller and arranged acquisition financing for the buyer.
A Strategic Acquisition in a High-Demand Location
Jacaranda Plaza boasts a prime location at the intersection of West Sunrise Boulevard and North University Drive, benefiting from significant daily traffic counts and excellent connectivity to major interstates and Florida’s Turnpike. The property serves a well-established, affluent suburban area with a dense population of over 191,750 residents within a three-mile radius.
Strong Tenant Mix and Occupancy
The shopping center is currently 97.9% occupied, featuring a robust mix of national and regional retailers. The anchor tenant, Publix, has a long-standing presence of 25 years at the location. Other significant tenants include Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree, contributing to the center’s consistent draw.
Expert Brokerage and Financing
The JLL Investment Sales and Advisory team, led by Danny Finkle, Jorge Portela, and Evan Lahr, managed the sale. The JLL Debt Advisory team, including Chris Drew, Brian Gaswirth, and Luke Maganas, secured the acquisition loan. Danny Finkle highlighted the acquisition as a compelling opportunity due to the center’s high-volume anchor, dense South Florida location, proven tenancy, and potential for long-term growth through lease escalations. He also noted the property’s advantageous position within Broward County’s leading retail corridors, supported by strong demographics and limited supply.