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, saw Core Investment Management purchase the asset from a joint venture between Epic Real Estate Partners and Heitman. JLL also arranged the acquisition financing through U.S. Bank for the new owner.
Key Takeaways
- Core Investment Management has acquired Jacaranda Plaza, a 175,084 sq ft Publix-anchored shopping center in Plantation, Florida.
- The center is 97.9% leased and features major tenants including Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree.
- The acquisition was facilitated by JLL, who also arranged financing for the buyer.
Strategic Location and Strong Tenancy
Jacaranda Plaza boasts a prime location at the intersection of West Sunrise Boulevard and North University Drive, a high-traffic area with over 95,000 daily vehicle counts. Its proximity to major highways like Interstate 595, Interstate 95, Interstate 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 191,750 residents within a three-mile radius.
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 25-year presence at the location. Other significant tenants include Ross Dress for Less, Five Below, Planet Fitness, and Dollar Tree, contributing to the center’s diverse retail offering.
Investment Opportunity
Danny Finkle, Senior Managing Director at JLL, highlighted Jacaranda Plaza as a compelling investment opportunity. He noted its status as a high-volume, Publix-anchored neighborhood shopping center in a densely populated South Florida market. The property benefits from proven existing tenancy and offers long-term upside potential through mark-to-market lease opportunities. Finkle also emphasized the center’s advantageous position within Broward County’s leading retail corridors, supported by strong demand drivers such as major employers and substantial residential development, along with favorable demographics and limited supply, all contributing to its prospects for sustained success.