The Real Deal Miami

Continental Realty buys Davie shopping center

Regency Centers sold the Paragon Theater-anchored property
By Katherine Kallergis | November 06, 2017 05:15PM

Ridge Plaza and Paul Kang

Regency Centers just sold a shopping center in Broward County to Continental Realty Corporation for $21.3 million, property records show.

An affiliate of Equity One, which was acquired by Regency Centers of Jackonville, sold Ridge Plaza, a 155,204-square-foot retail center at 9000-9200 State Road 84 in Davie. Baltimore-based CRC’s Continental Realty Fund IV LP bought the 17-acre property. The $164 million fund buys value-add retail and multifamily properties in the Mid-Atlantic and Southeastern U.S., according to a news release.

The property was nearly 100 percent leased to tenants that include Paragon Theater, Off The Wall Family Entertainment Center, Dunkin’ Donuts and Metro PCS. HFF’s Danny Finkle, Luis Castillo and Eric Williams represented the seller.

Paul Kang, vice president of acquisitions at CRC, said in the release that the site could be redeveloped in the long run. The Continental Realty fund financed the deal with a $13.8 million mortgage from BankUnited.

Property records show it last sold for nearly $33 million in 1999.