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 firm, 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 from the previous sale price of Palm Square six years ago. In 2019, Galium Capital bought the site for $20.4 million. Kirk Olson and Drew Kristol of Marcus & Millichap represented both JBL and Galium Capital in this transaction.
According to Olson and Kristol, “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.”
Palm Square was built in 1987. Its outparcels are occupied under long-term leases by 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 now owns about 4.7 million square feet nationwide. In South Florida alone, JBL operates seven shopping centers across Miami-Dade, Broward and Palm Beach counties.
In recent years, JBL has been active in acquiring retail properties in the region. Last year it purchased Ridge Plaza in Davie for $22.3 million—a property spanning 138,600 square feet. Other assets include Village Shoppes in Royal Palm Beach (acquired for $20.6 million) and Plaza at Wellington Green (purchased for $18 million). Village Shoppes features tenants such as Burlington, Planet Fitness, U.S. Postal Service and Supermercados El Bodegon; Plaza at Wellington Green is anchored by Men’s Warehouse within a larger development that also houses major retailers like Macy’s and Nordstrom.
