Edens Acquires Premium Davie Retail Hub for $51.2M Despite Anchor Tenant Departure
Strategic Retail Acquisition in Broward's Thriving Market
In a significant commercial real estate transaction highlighting continued confidence in South Florida's retail sector, Edens has expanded its impressive portfolio by acquiring the Weston Road Shopping Center in Davie for $51.2 million. The Columbia, South Carolina-based firm, led by CEO Jodie McLean, completed the purchase despite the recent departure of Office Depot, which had served as a major tenant at the retail plaza.
The transaction, recorded in local property records and confirmed by real estate database Vizzda, values the 108,623-square-foot shopping center at approximately $472 per square foot. This notable valuation reflects the premium investors are willing to pay for well-positioned retail assets in Broward County's competitive market, even when facing immediate leasing challenges.
Property Profile and Tenant Landscape
Constructed in 2000, the Weston Road Shopping Center sits on a substantial 13.1-acre site at 4410-4484 Weston Road. Despite losing Office Depot as an anchor tenant earlier this month, the property maintains a diverse mix of established businesses catering to local consumers. Current tenants include popular brands such as Smoothie King, Crumbl Cookies, T-Mobile, as well as service-oriented businesses including Weston Diner and ChiroCare of Florida.
The seller, an affiliate of Barings—the real estate investment division of Massachusetts Mutual Life Insurance Company—had previously acquired the property for $32.2 million in 2014. This represents an impressive appreciation of approximately 59% over their nine-year holding period, demonstrating the strong value growth for strategically located retail properties in this submarket.
Southwest Broward's Exceptional Market Dynamics
This acquisition comes at a time when the southwest Broward submarket is demonstrating remarkable resilience and strength compared to the broader county metrics. According to recent analysis from Colliers, the submarket posted an exceptionally low vacancy rate of just 1.6% during the first quarter of 2025—significantly outperforming the overall Broward County vacancy rate of 3.8%.
This scarcity of available retail space has created advantageous conditions for property owners in the area. Landlords in southwest Broward are commanding premium rental rates, with average asking rents reaching $29.99 per square foot. This represents a notable premium over the $27.99 per square foot average across the broader Broward market, highlighting the submarket's desirability among retailers seeking physical locations in affluent, high-traffic areas.
Edens' Expanding Florida Footprint
For Edens, this acquisition aligns with their strategic approach to building a diversified, high-quality retail portfolio across key growth markets. The firm currently manages an impressive national portfolio valued at approximately $6.8 billion, encompassing more than 100 open-air retail centers and mixed-use developments across the country.
The purchase of Weston Road Shopping Center represents just the latest in a series of strategic moves Edens has made within the South Florida market. In late 2023, the company demonstrated its tactical portfolio management by selling a commercial unit and underground garage at Met3, a mixed-use tower in downtown Miami, to tenant Whole Foods for $21 million. During the same year, Edens invested $88.4 million to acquire Shadowood Square, a premium shopping center near Boca Raton anchored by Sprouts Farmers Market.
This balanced approach of strategic acquisitions and selective divestments has enabled Edens to optimize its regional portfolio while maintaining strong exposure to Florida's robust retail market.
Broader Market Activity Signals Investor Confidence
Edens' acquisition reflects a broader pattern of continued investor interest in Broward County's retail properties. Last month, another significant transaction saw Raanan Katz's RK Centers acquire Shoppes at Monarch Lakes in Miramar for $16.4 million. That 66,481-square-foot shopping center, anchored by a Publix supermarket, further demonstrates the appeal of grocery-anchored retail centers to sophisticated investors.
These transactions collectively signal continued confidence in the long-term fundamentals of South Florida's retail real estate market, even as the broader retail sector navigates evolving consumer behaviors and economic conditions nationwide.
Strategic Insights
What makes southwest Broward such an attractive retail market?
Southwest Broward combines affluent demographics, limited retail development opportunities, and strong population growth to create exceptional market fundamentals. With vacancy rates at just 1.6% compared to 3.8% countywide, retailers are competing for limited available space, driving rent premiums that benefit property owners.
How significant is the Office Depot vacancy for the Weston Road Shopping Center?
While losing an anchor tenant presents immediate challenges, the property's location in a high-demand submarket with limited vacancy creates excellent repositioning opportunities. The space could potentially be subdivided for multiple tenants commanding higher per-square-foot rents, or attract another destination retailer seeking presence in an underserved market with strong demographics.
Are grocery-anchored centers still the preferred retail investment?
Grocery-anchored centers continue to demonstrate resilience and strong investor demand, as evidenced by the recent Shoppes at Monarch Lakes transaction. However, well-located community centers with diverse tenant mixes serving daily needs have also shown remarkable performance, particularly in supply-constrained submarkets like southwest Broward.
What does Edens' acquisition strategy reveal about current retail investment trends?
Edens' willingness to acquire a property with immediate vacancy challenges demonstrates confidence in the underlying market fundamentals. Their investment approach emphasizes location quality and long-term value potential over short-term occupancy metrics, suggesting sophisticated investors are looking beyond temporary setbacks to capture properties in prime locations.
How are retail investors adapting to changing consumer behaviors?
Leading retail investors like Edens are focusing on properties that offer experiential elements, service-oriented tenants, and daily needs retail that complement rather than compete with e-commerce. The tenant mix at Weston Road Shopping Center reflects this approach, balancing food service, personal care, and convenience offerings that drive consistent foot traffic.
