JBL Asset Management has expanded its retail holdings in South Florida with the acquisition of Palm Square, a shopping center in Broward County, for $25 million. The Hollywood-based firm, led by Jacob Khotoveli, purchased the 77,621-square-foot property, which is currently 94 percent occupied.
The deal marks an increase of $4.6 million over the previous sale price six years ago. Kirk Olson and Drew Kristol from Marcus & Millichap represented both JBL and the seller, an affiliate of Galium Capital based in North Miami Beach and led by Jacques Bessoudo. Records show that Galium acquired the eight-acre site in 2019 for $20.4 million.
Olson and Kristol 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.”
Palm Square was built in 1987 and includes two outparcels with long-term leases to Dunkin’ and KFC. Other tenants at the center are Sherwin-Williams Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry, Florida Health Care, and Fordham Fitness.
JBL Asset Management focuses on shopping centers and operates about 4.7 million square feet nationwide. In South Florida alone, JBL owns seven shopping centers located across Miami-Dade, Broward, and Palm Beach counties.
In recent years, JBL has added several properties to its portfolio. Last year it acquired Ridge Plaza in Davie for $22.3 million; other holdings include Plaza at Wellington Green in Wellington—purchased for $18 million—and Village Shoppes in Royal Palm Beach—which cost $20.6 million in 2018. These sites feature anchor tenants such as Burlington and Planet Fitness as well as retailers like U.S. Postal Service and Supermercados El Bodegon.
