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CRC Sells Ridge Plaza in Florida for $22M
Continental Realty Corporation, 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. JLL represented CRC in the sales transaction.
After acquiring the asset in 2017, the Baltimore-based real estate investment company individually sold all six of the free-standing pad sites at the center for a total price of about $13.1 million. One of those pad sites was a vacant land parcel that was ultimately sold to a local medical office group to develop their own building. 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.
Located in Broward County, Ridge Plaza was approximately 99 percent leased at the time of sale. Anchored by Paragon Theaters, Goodwill Industries and Off The Wall, the center consists of about 15 retailers, restaurants, and other specialty service providers.
