CREC JV Completes $48 Million Shopping Center Sale

Jun 05, 2017 No Comments by

CREC announced that CPAC Royal University, LLC, a joint venture between CREC and Lubert Adler, has completed the sale of Royal University Plaza in Coral Springs, for $48 million.

The transaction is the second largest shopping center sale in Broward County, to date, this year, with the partnership achieving almost double its original acquisition price of $26 million just over two years ago.

Upon purchase of Royal University Plaza in February 2015, the partnership executed its vision to transform the underperforming property into an institutional-quality asset. The joint venture engaged in a series of capital improvements and a multi-dimensional real estate strategy to significantly reposition the shopping center.

The reposition included leasing 25,000 square feet to Total Wine & More and 37,000-square-foot Orchard Supply Hardware, by reconfiguring shop space and adding an additional 15,000 square feet to the Property. This was one of Orchard Supply Hardware’s first location in Florida.

 

“This deal speaks to our ability to identify market opportunities and implement a 360-degree plan to rapidly elevate an under performing asset into a high-potential, ‘Class-A’ property,” said CREC Chairman and Co-Founder Warren Weiser. “Our collective team was able to create a vibrant epicenter in the populous Coral Springs sub-market after foreseeing a value-add opportunity when the corridor was not delivering anchor tenants, and lacked foot traffic and a strong retail mix.”

Capitalizing on its extensive network of major retailers, CREC’s team spearheaded an aggressive leasing campaign to attract high-quality anchors and drive tenancy from 45 percent at time of acquisition to 97 percent. Today, the 115,000 square-foot property, at 2556 North University Drive, boasts national brands and is almost fully leased. Leading tenants include Pet Supermarket, Jimmy John’s, Hertz Rental Cars, Smoothie King and AAA Auto Club.

 

“This shopping center is the perfect example of CREC’s ability to be integrally involved in all facets of a retail asset’s success, from the acquisition, leasing and capital markets, to development, construction, and finally, brokering the sale,” added CREC Co-Founder and President Carol Brooks.

 

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!

 

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Broward County Retail, Industry News, NA, Retail
No Responses to “CREC JV Completes $48 Million Shopping Center Sale”

Leave a Reply