Ridge Plaza_Property for Sale
Ridge Plaza_Property for Sale
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.

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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

  • Unmatched risk-adjusted yield profile for an infill South Florida shopping center with an irreplaceable location
Ridge Plaza 4_Property for Sale
Ridge Plaza 4_Property for Sale

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Ridge Plaza (0 Properties)

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Last updated
13 Jun 2024