Continental Realty Corp., a Baltimore-based real estate investment firm, has acquired a South Florida shopping center for $21.3 million.
The Ridge Plaza is a 155,204-square-foot center on State Road 84 in Davie, Fla., and was fully leased at the time of sale Monday. The seller was Regency Centers, a national shopping center owner and operator.
“When considering potential retail shopping centers for purchase, our due diligence process involves a careful evaluation of the fundamentals of the marketplace and the project,” said David Donato, senior vice president at Continental Realty Corp., in a statement, “including projected job and population growth, parking and visibility factors and the tenant mix as compared with nearby competition.”
Ridge Plaza met all those requirements, he said.
Built in 1985, Ridge Plaza is anchored by Paragon Theaters and Off the Wall Family Entertainment Center. Other tenants include Dunkin’ Donuts and Metro PCS.