October 1, 2025

The Palm Square retail center in Pembroke Pines sold for $25 million, gaining in value from its last trade.

Galium Palm Square LLC, part of North Miami Beach-based Galium Capital, sold the 77,621-square-foot shopping center at 9801-9965 Pines Blvd. to JBL Asset Management, a Hollywood-based retail center owner led by Jacob Khotoveli. Marcus & Millichap’s Kirk D. Olson and Drew A. Kristol represented the seller in the deal. Morgan Stanley Private Bank provided a $16.5 million mortgage to the buyer.

The price equated to $322 per square foot.

“The property is a 94%-occupied retail center that gives the buyer an opportunity to significantly increase net-operating income through lease- up of vacant spaces, and mark-to-market opportunities,” Olson said.

Palm Square last traded for $20.475 million in 2019, so it had a nice gain in value. It was built on the 8-acre site in 1987.

Recent tenants in Palm Square include KFC, Sherwin Williams, Dunkin, China Pavilion, Atlantic Montessori School, Goldfish Swim School, Smile Experts Dentistry and Fordham Fitness.

Marcus & Millichap noted that nearly 400,000 people live within a five mile radius of Palm Square.