JBL Asset Management has expanded its retail holdings in South Florida with the acquisition of Palm Square, a shopping center in Broward County. The Hollywood-based company, led by Jacob Khotoveli, purchased the 77,621-square-foot property for $25 million. According to a press release, this price is $4.6 million higher than what the previous owner paid six years ago.
The transaction involved Kirk Olson and Drew Kristol from Marcus & Millichap representing both JBL and the seller, an affiliate of Galium Capital based in North Miami Beach and led by Jacques Bessoudo. Records show that Galium Capital bought the 8-acre site for $20.4 million in 2019.
Palm Square is currently 94 percent occupied and features two outparcels with long-term leases to Dunkin’ and KFC. Other tenants include Sherwin-Williams Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry, Florida Health Care, and Fordham Fitness.
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.”
JBL Asset Management specializes in shopping centers and manages about 4.7 million square feet across the United States. In South Florida alone, JBL owns seven shopping centers located in Miami-Dade, Broward, and Palm Beach counties.
In recent years, JBL has made several notable acquisitions in the region. Last year it acquired Ridge Plaza—a 138,600-square-foot center in Davie—for $22.3 million. Other properties include Village Shoppes in Royal Palm Beach (purchased for $20.6 million in 2018) and Plaza at Wellington Green (acquired for $18 million). These sites host major tenants such as Burlington Stores, Planet Fitness, U.S. Postal Service, Supermercados El Bodegon, Men’s Warehouse—and are part of larger developments anchored by national retailers like Macy’s and JCPenney.
