JPMorgan joined a recent wave of buyers picking up shopping centers in Coral Springs.
An affiliate of New York-based JPMorgan, led by CEO Jamie Dimon, paid $53.7 million for Shoppes at Heron Lakes at 5601 to 5791 Coral Ridge Drive, records and real estate database Vizzda show.
The financial giant paid $369 a square foot for the pair of single-story retail buildings spanning 145,618 square feet.
The property sold for $48.3 million above the previous sale price 20 years ago. The seller, two entities managed by Mario Hernandez in Sunrise, paid $5.4 million for the 17-acre site in 2005, and completed the shopping center the same year, records show.
Crunch Fitness, the Fish Joint, Lefty’s Tavern & Grille, Club Men Barbershop, Pasquale & Son’s Pizza Co. and Aldo Cleaners are among the tenants at Shoppes at Heron Lakes.
JPMorgan’s acquisition is the third shopping center sale this month in Coral Springs. A joint venture between Boca Raton-based Carlyle Management, led by Charles Rosner, and an entity managed by Edward Rutkovsky in Boca Raton paid $60.5 million for Royal Eagle Plaza at 9100-9190 Wiles Road. The seller, Columbus, Ohio-based Washington Prime Group, completed the shopping center on the 11.7-acre site in 1989.
Also this month, Deerfield Beach-based and Lynn, Massachusetts-based Perkins Realty Management, led by Andrew Perkins, bought Esplanade Center at 901-1001 University Drive for $26.5 million. The medical office and retail plaza’s tenants include Jenny Craig, Sage Dental, State Farm Insurance, Vino Salon Studios, Mattress Firm and Tijuana Taxi Co.
JPMorgan has more than $79 billion in real estate assets globally as of June 30, according to the firm’s website. In September, JPMorgan listed a 23-story office building in New York for $270 million, roughly half the $550 million the firm was asking when the property was previously for sale in 2020.