Continental Realty Corporation (CRC), representing Continental Realty Fund IV, L.P., has successfully sold Ridge Plaza, a retail center spanning 140,000 square feet in Davie, Florida. The property was purchased for $22.25 million and is located at 9000-9200 W State Rd 84.
Since acquiring the asset in 2017, the Baltimore-based real estate investment and management company has individually sold all six free-standing pad sites within the center for a total of approximately $13.1 million. This sale brings CRC’s total exit value to around $35.35 million compared to their initial purchase price of $21.3 million.
JLL acted as representative for CRC during this sales transaction which included anchor tenants Paragon Theaters, Goodwill Industries and Off The Wall along with about fifteen other retailers, restaurants and specialty service providers on site.The property boasts prime frontage along I-595 / State Road 84 just south of Pine Island Road interchange.
