MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $29.3 million sale of Jacaranda Plaza, and secured $19.9 million in acquisition financing. The 173,044-square-foot, Publix-anchored retail center is located on 16.20 acres at 8249 West Sunrise Boulevard in the Fort Lauderdale-area community of Plantation, Florida. Situated on the “going home” side of Sunrise, the center is at the signalized intersection of University Drive and Sunrise with combined traffic counts of more than 105,000 vehicles per day.
HFF marketed the property on behalf of the seller, Ram Realty Services (Ram). Epic Real Estate Partners purchased the asset. Additionally, working on behalf of the new owner, HFF placed the five-year, 3.6-percent, fixed-rate loan with BankUnited.
The HFF investment sales team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.
The HFF debt placement team representing the new owner was led by senior managing director Paul Stasaitis and managing director Adam Herrin.
Originally developed in 1974, Ram acquired interest in Jacaranda Plaza in October 2011 on behalf of Ram Realty Partners III through the purchase of a promissory note. Ram took title to the property in early 2012 through foreclosure.
Ram completed significant improvements to Jacaranda Plaza in 2013, including façade enhancements, fresh landscaping, and roof replacement. Ram also added Planet Fitness and Dollar Tree to an already-strong tenant mix including anchors Publix and Stein Mart, and a diverse mix of shop tenants, such as Regions Bank, T-Mobile, GNC and Gamestop. The shopping center was 86-percent occupied at the time of sale.
“Jacaranda Plaza is a remarkable success story for the Fund,” said Ram President Jim Stine. “We were able to secure a sub-performing loan at a significant discount and implement a value-add strategy that saw major improvements to the center. This is the type of retail deal we continue to pursue: we want to deploy our people and our capital in a way that creates a real impact in our core, urban markets and generates positive results for our investors.”