JLL closes sale of Jiffy Lube building in Fort Lauderdale
Jiffy Lube fronts a new Walmart Supercenter outside of downtown Fort Lauderdale
ORLANDO, October 3, 2019– JLL announced today that it has closed the sale of a brand new 3,051-square-foot Jiffy Lube on a 10-year ground lease in Fort Lauderdale, Florida.
JLL marketed the property on behalf of the seller, Northbridge Investment Management. Roderick Enterprises purchased the asset.
Construction on the Jiffy Lube Multicare location will be completed in 2019 for full occupancy by Jiffy Lube, a leading provider of automotive preventative maintenance. The building fronts Riverbend Marketplace, a new regional shopping center anchored by Walmart Supercenter, Marshalls, Planet Fitness and Five Below. Situated on a half-acre at 2690 West Broward Boulevard, the building is visible to nearly 61,000 vehicles per day at the intersection of West Broward Boulevard and SW 27th Avenue. The property is two miles from downtown Fort Lauderdale with a daytime population of 98,000 and the average home value is $602,000. Over 172,000 residents earning an average annual household income exceeding $73,000 live within a three-mile radius of Jiffy Lube at Riverbend Marketplace.
The JLL Capital Markets team that represented the seller was led by Director Michael Brewster along with Managing Director Marc Mandel and Director Steve Schrenk.
“Jiffy Lube at Riverbend Marketplace is located in a highly trafficked, easily accessed location for customers from downtown Fort Lauderdale, the surrounding communities and drivers along I-95,” Brewster said. “This Jiffy Lube was a highly sought-after offering because of its location, deal size and best-in-class tenant.”
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Northbridge Investment Management
Northbridge Investment Management facilitates direct ownership for private and institutional capital of quality commercial real estate assets that offer a balance of distributable income and long-term capital appreciation. The company’s objective is to enhance the value of its assets to maximize long-term value of its properties. The principals of Northbridge have significant experience in the acquisition and management of large-scale industrial, retail and office portfolios, leading approximately 150 commercial real estate transactions for a total value of $5 billion. Visit northbridgeim.com to learn more.
About Roderick Enterprises
Roderick Enterprises develops and invests in commercial real estate primarily throughout the Intermountain West. The Roderick Family of companies were initially started in 1967 and have grown into a diversified commercial real estate portfolio of almost two million square feet. The president of the firm, Michael Roderick, is responsible for the development, leasing and management of Roderick Enterprises. Roderick specializes in industrial and retail development as well as property management and brokerage.