Continental Realty Corporation, acting on behalf of Continental Realty Fund IV, L.P., has successfully sold Ridge Plaza in Davie, Florida for $22.25 million. The retail center spans nearly 140,000 square feet and is located at 9000-9200 W State Rd 84. JLL represented CRC in the transaction.
Since acquiring the property in 2017, the Baltimore-based real estate investment company has individually sold all six free-standing pad sites within the center for a total of approximately $13.1 million. One of these sites was a vacant parcel that was purchased by a local medical office group to develop their own building. With this recent sale of Ridge Plaza, CRC achieved an exit value totaling around $35.35 million – significantly higher than their initial purchase price of $21.3 million.
Ridge Plaza is situated in Broward County and was almost fully leased at the time of its sale with an occupancy rate close to 99%. The shopping center boasts notable anchor tenants such as Paragon Theaters and Goodwill Industries along with about fifteen other retailers including restaurants and specialty service providers.
This successful transaction marks another milestone for CRC’s portfolio growth strategy as they continue to expand their presence across various markets nationwide.
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