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Continental Realty buys Florida shopping center for $21.3M
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Baltimore-based Continental Realty Corp. has acquired Ridge Plaza, a 155,204-square-foot neighborhood shopping center in the Davie section of Broward County, Florida, for $21.3 million.
Positioned on about 17 acres fronting Interstate 595/State Road 84, Ridge Plaza was acquired on behalf of Continental Realty Fund IV, L.P., a $164 million fund focused on the acquisition of value-add retail and multifamily properties situated throughout the Mid-Atlantic and Southeast regions of the United States. This represents the fifth retail shopping center and tenth overall asset purchased by the fund.
“This acquisition was achieved substantially below replacement cost at an attractive going-in yield in an irreplaceable location along Interstate 595 with high-barriers to entry, serving among the most densely populated sections of Broward County,” stated Paul Kang, vice president of acquisitions at Continental Realty Corporation. “Historically, the center has been substantially leased with multiple tenants occupying the project for an extended period of time, resulting in an extremely stable merchant base.”
Ridge Plaza was built in 1985 and is anchored by Paragon Theater and Off The Wall Family Entertainment Center. Five pad sites, including Dunkin’ Donuts and Metro PCS, are positioned at the front of the property and were included in the transaction with additional in-line stores offering complementary products and services, as well as restaurants.
