JBL Asset Management has expanded its retail holdings in South Florida with the purchase of Palm Square, a shopping center in Broward County, for $25 million. The Hollywood-based company, led by Jacob Khotoveli, acquired the 77,621-square-foot property, which includes two outparcels and is currently 94 percent leased.
The transaction price represents an increase of $4.6 million over what the previous owner paid six years ago. The seller was an affiliate of Galium Capital from North Miami Beach, headed by Jacques Bessoudo. In 2019, Galium purchased the eight-acre site for $20.4 million.
Kirk Olson and Drew Kristol of Marcus & Millichap represented both sides in the deal. They stated: “Palm Square has strong in-place cash flow that the buyer can increase quickly by ramping up leasing of the shopping center’s vacant spaces.”
Built in 1987, Palm Square’s outparcels are leased long-term to Dunkin’ and KFC. Other tenants include Sherwin-Williams Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry, Florida Health Care and Fordham Fitness.
JBL Asset Management specializes in shopping centers and manages approximately 4.7 million square feet nationwide according to its website. In South Florida alone, JBL owns seven shopping centers across Miami-Dade, Broward and Palm Beach counties.
Last year JBL bought Ridge Plaza in Davie for $22.3 million; other properties include Plaza at Wellington Green in Wellington and Village Shoppes in Royal Palm Beach. The firm acquired Village Shoppes for $20.6 million in 2018—a site anchored by Burlington—and added Plaza at Wellington Green a year later for $18 million within a larger development that also houses major retailers such as Macy’s and Nordstrom.
