MIAMI—Jacaranda Plaza, a 173,044-square-foot, Publix-anchored retail center in Plantation, FL, has traded hands. The sale price: $29.3 million.

HFF represented the seller, Ram Realty Services, in the retail transaction. Epic Real Estate Partners acquired the shopping center. HFF also placed $19.9 million in acquisition financing for Epic. Bank United provided the five-year, fixed-rate loan for the asset, which is located at 8249 West Sunrise Boulevard.

“Jacaranda Plaza is a remarkable success story,” says 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.”

Here's the backstory: 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 and investment in 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, Stein Mart and a mix of shop tenants like Regions Bank, T-Mobile, GNC and Gamestop. Originally developed in 1974, the shopping center was 86% occupied at the time of sale. The retail center sits on the “going home” side of Sunrise at the signalized intersection of University Drive and Sunrise with combined traffic counts of more than 105,000 vehicles per day.

HFF senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi led the sales side of the transaction. HFF senior managing director Paul Stasaitis and managing director Adam Herrin led the debt placement team representing Epic.

Broward retail is heating up. Kimco recently invested $300 million on retail in the county.

MIAMI—Jacaranda Plaza, a 173,044-square-foot, Publix-anchored retail center in Plantation, FL, has traded hands. The sale price: $29.3 million.

Broward retail is heating up. Kimco recently invested $300 million on retail in the county.

Instant Insights /

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