JBL Asset Management has expanded its South Florida retail holdings 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 deal marks an increase of $4.6 million over the previous sale price from six years ago. The seller was an affiliate of Galium Capital, based in North Miami Beach and led by Jacques Bessoudo. Galium originally bought the eight-acre site in 2019 for $20.4 million.
Kirk Olson and Drew Kristol of Marcus & Millichap represented both parties in the transaction. In a statement, Olson and Kristol said Palm Square offers “strong in-place cash flow” and noted that JBL can further improve returns by leasing out remaining vacant spaces.
Palm Square was built in 1987. Its outparcels have long-term leases with Dunkin’ and KFC. Other tenants at the center 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 about 4.7 million square feet nationwide. In South Florida alone, JBL owns seven shopping centers across Miami-Dade, Broward, and Palm Beach counties.
Last year, JBL acquired Ridge Plaza—a 138,600-square-foot shopping center in Davie—for $22.3 million. Other properties include Plaza at Wellington Green in Wellington and Village Shoppes in Royal Palm Beach. JBL purchased Village Shoppes for $20.6 million in 2018; this property features a Burlington store as its anchor tenant along with Planet Fitness, U.S. Postal Service, and Supermercados El Bodegon.
In 2019 JBL added Plaza at Wellington Green to its portfolio for $18 million. This Men’s Warehouse-anchored center sits within a larger development anchored by national retailers such as Macy’s, Nordstrom, Dillard’s, and JCPenney.
