JBL Asset Management has expanded its South Florida retail holdings with the purchase of Palm Square, a shopping center in Broward County, for $25 million. The Hollywood-based company, led by Jacob Khotoveli, acquired the 77,621-square-foot property, which includes two outparcels and is currently 94 percent leased.
The sale price represents an increase of $4.6 million over what the previous owner paid six years ago. In 2019, Galium Capital bought the 8-acre site for $20.4 million. Kirk Olson and Drew Kristol from Marcus & Millichap represented both JBL and Galium Capital in this transaction.
“Palm Square has strong in-place cash flow that the buyer can increase quickly by ramping up leasing of the shopping center’s vacant spaces,” Olson and Kristol said in a statement.
Palm Square was built in 1987. Its outparcels are occupied under long-term leases by Dunkin’ and KFC. Other tenants at the center include Sherwin-Williams, Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry, Florida Health Care, and Fordham Fitness.
JBL specializes in shopping centers and now manages approximately 4.7 million square feet across the United States. In South Florida alone, JBL owns seven shopping centers located throughout Miami-Dade, Broward, and Palm Beach counties.
Last year JBL purchased Ridge Plaza—a 138,600-square-foot shopping center in Davie—for $22.3 million. Other properties managed by JBL include Plaza at Wellington Green in Wellington and Village Shoppes in Royal Palm Beach. The company acquired Village Shoppes for $20.6 million in 2018; it features tenants such as Burlington, Planet Fitness, U.S. Postal Service and Supermercados El Bodegon on a site spanning more than 30 acres.
In 2019 JBL added Plaza at Wellington Green to its portfolio for $18 million. This Men’s Warehouse-anchored property sits within a larger development that also contains Wellington Green Mall—an indoor mall anchored by major retailers including Macy’s, Nordstrom, Dillard’s and JCPenney.
