Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Ridge Plaza, a 155,204-square-foot, theater-anchored community shopping center in the Broward County community of Davie, Florida.
The HFF team marketed the property on behalf of the seller, Regency Centers. Continental Realty Corporation purchased the asset.
Ridge Plaza was 99 percent leased at the time of sale to a variety of national and local tenants, including Paragon Theaters, Off the Wall Gameroom and Trampoline Fun Center, Dunkin Donuts, Goodwill Industries, Vienna Café & Wine Bar, Metro PCS and Dunkin’ Donuts. Situated on 16.26 acres at 8800 State Road 84, the center enjoys excellent frontage along Interstate 595 (150,000 vehicles per day), the primary east-west thoroughfare serving central Broward County that connects Interstates 75 and 95. Ridge Plaza is located just east of the highway interchange with Pine Island Road in an infill, regionally accessible location with more than 323,800 residents earning an average annual household income of $84,201 residing within a three-mile radius of the center.
The HFF team that represented the seller included senior managing director and co-head of HFF’s retail practice Daniel Finkle, managing director Luis Castillo and director Eric Williams.
“Investor demand for well-located, infill retail centers in South Florida remains robust,” Williams said. “Ridge Plaza’s highly accessible regional location along Interstate 595 positions it well for continued retail success while also offering long-term intrinsic value in the underlying land for future potential redevelopment.”
About Regency Centers
Regency Centers is the preeminent national owner, operator and developer of shopping centers located in affluent and densely populated trade areas. The company’s portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers and best-in-class retailers that connect to their neighborhoods, communities and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed and an S&P 500 Index member. For more information, please visit https://www.regencycenters.com.
About Continental Realty Corporation
Continental Realty Corporation (CRC), headquartered in Baltimore and founded in 1960, is a full-service commercial real estate investment and management company. The privately-owned firm owns and manages a diversified portfolio of retail centers consisting of over 3.5 million square feet of space, as well as apartment communities featuring nearly 10,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the value of the portfolio exceeds $1.5 billion. For more information, please visit https://www.crcrealty.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visithfflp.com or follow HFF on Twitter @HFF.