via The Real Deal by Sean Stewart-Muniz
Ram Realty just sold its Plantation shopping center anchored by Publix for $29.3 million.
The deal includes Jacaranda Plaza, a 173,044-square-foot shopping center at 8171-8373 West Sunrise Boulevard near the Sunrise Country Club.
Ram acquired the center out of foreclosure in 2012, according to county records. The real estate firm then put $1 million into renovating Jacaranda Plaza and its facades.
Now, through a deed recorded this week, Ram sold the shopping center to an affiliate of Texas-based Epic Real Estate Partners.
The investment firm, which specializes in buying grocery-anchored shopping centers, paid about $169 per square foot for Jacaranda Plaza. It financed the deal with a $19.95 million loan from BankUnited, according to county records.
Besides its newly acquired Plantation property, Epic owns one other Florida property: the 176,341-square-foot Alafaya Square in Oviedo, a small city in Seminole County.
The company’s counterpart in this deal, Ram, grabbed headlines late last year when it sold a newly built Boca Raton apartment complex for nearly $82 million. The firm has since bought another development site in Boynton Beach for $15.75 million, where it’s planning a new Class A rental community.