Baltimore-based real estate investment and management company, Continental Realty Corporation, has closed on the $21.3 million purchase of a retail center in Davie, FL. Ridge Plaza, is a 155,204 square foot neighborhood shopping center located on State Road 84. The center, which traded for $138 per sqf, was 100 percent leased at the time of the sale with anchor tenants including 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 17 acre property and were included in the transaction. The sale represents the fifth retail shopping center and tenth overall asset purchased by Continental Realty Fund IV, a $164 million fund focused on value-add retail and multifamily assets throughout the Mid-Atlantic and Southeast.
“When considering potential retail shopping centers for purchase, our due diligence process involves a careful evaluation of the fundamentals of the marketplace and the project, including projected job and population growth, parking and visibility factors and the tenant mix as compared with nearby competition,” explains David Donato, Senior Vice President at Continental Realty Corporation. “The diverse and unique merchant base continues to attract loyal customers from a large radius in the Broward County region.”
