Objectomschrijving
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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Investeringskenmerken
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
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