Core Investment Management has successfully acquired Jacaranda Plaza, a prominent 175,084-square-foot shopping center in Plantation, Florida. The deal, facilitated by JLL Capital Markets, includes the arrangement of an acquisition loan through U.S. Bank for the new owner. This strategic acquisition marks a significant addition to Core Investment Management’s portfolio in a high-demand South Florida market.
Key Takeaways
- Acquisition: Core Investment Management has purchased Jacaranda Plaza, a 175,084 sq ft shopping center.
- Location: The plaza is situated in Plantation, Florida, at a high-traffic intersection.
- Anchor Tenant: Publix anchors the center, which also features other major retailers.
- Financing: JLL Capital Markets arranged the acquisition loan through U.S. Bank.
Strategic Location and Demographics
Jacaranda Plaza boasts a prime location at the intersection of West Sunrise Boulevard and North University Drive, benefiting from combined daily traffic counts of 95,000 vehicles. Its proximity to major highways, including Interstate 595, Interstate 95, Interstate 75, and Florida’s Turnpike, enhances its accessibility. The shopping center serves a densely populated trade area with 191,750 residents within a three-mile radius, situated in an affluent suburban enclave in Broward County.
Strong Tenant Mix and Occupancy
The shopping center is currently 97.9% leased, featuring a robust mix of national and regional retailers. The anchor tenant, Publix, has a long-standing presence of 25 years at the property. Other significant tenants include Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree, contributing to the center’s diverse retail offerings and consistent customer draw.
Investment Opportunity
Danny Finkle of JLL highlighted Jacaranda Plaza as a compelling investment opportunity, citing its high-volume Publix anchor, dense South Florida location, and proven tenancy. The center offers long-term upside potential through mark-to-market lease opportunities. Its position within one of Broward County’s leading retail nodes, supported by strong demand drivers like major employers and substantial residential development, along with favorable demographics and limited supply, positions the asset for sustained success.