Grocery-anchored retail center in Broward County sells for $18.75M

MIAMI, June 8, 2022 – JLL Capital Markets announced today that it has closed the $18.75 million sale of Rivertowne Square, a 145,502-square-foot shopping center anchored by Winn-Dixie and Bealls Outlet in the South Florida community of Deerfield Beach.

JLL marketed the asset on behalf of the seller, RPT Realty. South Florida-based JBL Asset Management acquired the center unencumbered of existing debt.

Anchored by Winn-Dixie and Bealls, the 91.9-pecent-leased Rivertowne Square is also home to a diverse tenant roster that includes Hard Exercise Works, Nail Face Spa, Katz Louise, Brutus Barbershop, Painting with a Twist, Belissimo and Perfect Hair Designs. Additionally, the property has two included outparcels fully leased to Buffalo Wild Wings and Tijuana Taxi Co.

Rivertowne Square is positioned on 13.04 acres at the high-traffic intersection of North Federal Highway and SE 10th Street, which sees more than 72,000 vehicles per day. This location is in an infill area of Deerfield Beach, an affluent community in the eastern part of Broward County that is bordered by Boca Raton and Pompano Beach. This rapidly densifying area is already home to 108,014 residents within a three-mile radius with a buying power of $2.6 billion.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Director Eric Williams and Vice President Kim Flores.

“Grocery-anchored retail centers along Federal Highway between Palm Beach County and Miami-Dade County rarely trade,” Williams said. “Rivertowne Square represented the opportunity to acquire a well-located center on an infill 13-acre site with quality in-place tenancy and embedded value enhancement and/or future redevelopment potential, which was highly attractive to investors.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The company's shopping centers offer diverse, locally curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the company's retail partners. The company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the “NYSE”). As of December 31, 2021, the company's property portfolio (the "aggregate portfolio") consisted of 47 wholly owned shopping centers, 10 shopping centers owned through its grocery anchored joint venture (R2G), 38 retail properties owned through its net lease joint venture (RGMZ) and one net-lease retail property that was held for sale by the company, which together represent 14.6 million square feet of gross leasable area. For additional information about the company please visit rptrealty.com. 

JBL Asset Management is a privately held fully integrated service commercial real estate company primarily specializing in retail shopping center acquisitions, management and development. Founded in 2005 by Jacob Khotoveli, JBL invests private capital on behalf of itself and its investment partners. JBL is based in South Florida and currently owns assets in 13 states but is primarily focused on expanding its footprint in Florida, Texas and Georgia.  

JBL's portfolio currently exceeds over 3 million square feet of real estate and is actively in pursuit of additional opportunities with deal sizes ranging from $15-80 million. JBL has transacted with numerous institutional partners and takes pride in having a strong reputation for transaction execution in the industry.