9000-9200 W State Road 84, Davie, FL

Ridge Plaza

Asset Description

Jones Lang Lasalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire Ridge Plaza (the “Property”), a 138,554 square foot regional shopping center located in Davie, Broward County, Florida. The Property is currently 98.6% leased to a diverse mix of food and beverage, service, discount, and entertainment uses. Ridge Plaza benefits from exceptional regional accessibility and is prominently positioned on +13.5 prime acres with ±1,400 linear feet of frontage along Interstate-595 / State Road 84 (+/-130,000 VPD). The Property serves an incredibly dense and affluent trade area, with a population of 348,451 and average household income of $101,764 within 5-miles radius.

Ridge Plaza represents a unique opportunity to acquire a well located South Florida retail center with a tenured, well established tenant base with in-place rents substantially below market and offering attractive risk-adjusted yields and significant NOI growth potential at pricing tremendously below replacement cost.

...

Attributes

Building area net

12,872 m²

Occupancy

98.6%

Year built

1985

Land area net

5.47 ha

WAULT

7.9 years

Parking spaces

870

Media

Investment Highlights

REGIONAL, HIGH TRAFFIC LOCATION WITH OUTSTANDING DEMOGRAPHICS AND SURROUNDING DEMAND DRIVERS

Prime location with immediate and extensive frontage along I-595 / SR 84 just south of the interchange with Pine Island Road (129,000 vehicles per day)

OPTIMAL COMBINATION OF REVENUE STABILITY AND +40% 10-YEAR NOI GROWTH (+4.1% CAGR)

“Sticky”, well-established tenant roster with an impressive average tenure of ±13 years

SIGNIFICANT RECENT CAPITAL EXPENDITURES

Over $1.4M in recent capital improvements, including the installation of a new roof over the majority of the property in 2023 and a parking lot overlay in 2021, mitigates need for material capital outlays in the near to intermediate term

ATTRACTIVE ACQUISITION BASIS OFFERED SUBSTANTIALLY BELOW REPLEACEMENT COST