HFF Facilitates Sale of Fort Lauderdale-Area Retail Asset
- Apr 29, 2016
Miami—HFF has closed the $29.3 million sale of a 173,044-square-foot retail center in the Fort Lauderdale-area community of Plantation, Fla. The company also arranged $19.9 million in acquisition financing for the Publix-anchored center at 8249 W. Sunrise Blvd.
Working on behalf of seller Ram Realty Services, HFF arranged the sale of Jacaranda Plaza to Epic Real Estate Partners, and placed the five-year, fixed-rate acquisition loan with BankUnited on behalf of the new owner.
“Jacaranda Plaza is a remarkable success story,” Ram President Jim Stine said in a prepared statement. “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.”
Originally developed back in 1974, the 16.20-acre center was 86 percent occupied at the time of sale, and is home to tenants such as Publix, Planet Fitness, Dollar Tree, Stein Mart, GNC, T-Mobile and Gamestop, among others. Ram acquired interest in the asset in 2011, on behalf of Ram Realty Partners III, and took title to the property in early 2012. The company then invested in improvements to Jacaranda Plaza, including façade enhancements, fresh landscaping and roof replacement.
The HFF investment sales team led by Senior Managing Director Daniel Finkle, Managing Director Luis Castillo and Associate Director Nat Scarmazzi represented the seller in the transaction. Also, the HFF debt placement team led by Senior Managing Director Paul Stasaitis and Managing Director Adam Herrin represented the buyer.
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