140K-SF Davie Retail Center Flips for $22.2M

Continental Realty Corporation (CRC), on behalf of Continental Realty Fund IV, L.P., has completed the sale of Ridge Plaza, a nearly 140,000 square-foot retail center located at 9000-9200 W State Rd 84 in Davie, Florida, for $22.25 million.

After acquiring the asset in 2017, the Baltimore-based real estate investment and management company parceled out and individually sold all six of the free-standing pad sites at the center for a total price of about $13.1 million. With the sale of the shopping center, CRC generated a total exit value of approximately $35.35 million, compared to the company’s purchase price of $21.3 million. JLL represented CRC in this sales transaction. 

Anchored by Paragon Theaters, Goodwill Industries and Off The Wall, the center includes about 15 retailers, restaurants, and other specialty service providers. It’s located just south of the interchange with Pine Island Road with strong frontage along I-595 / State Road 84.