The Real Deal Miami

CPAC sells newly built CVS in Coral Springs for $6M

Developer paid only $1 million for land

January 11, 2016 03:00PM
By Sean Stewart-Muniz

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The CVS at 10425 West Sample Road in Coral Springs and CPAC Principal David Moret

The CVS at 10425 West Sample Road in Coral Springs and CPAC Principal David Moret

The paint had barely dried on this newly built CVS before its developer, Miami-based Continental Properties Acquisition Corp, sold it for $6.3 million.

Located on 2.5 acres of land at 10425 West Sample Road, the new commercial building measures 12,430 square feet. It’s triple-net leased out to CVS Pharmacy for the next 25 years — that means the retailer handles all maintenance and operating expenses for the property.

CPAC, with David Moret as its principal, first eyed the property for development in 2012. It’s made up of two adjoined parcels, one of which housed a vacant financial building owned by Bank of America.

The real estate firm paid $625,000, or less than $10 per square foot, for the Bank of America parcel. Two years later, CPAC bought the neighboring vacant land for $420,000.

“We felt early on that this property would be far more marketable as an assemblage, and our belief was validated by CVS’ arrival and our aggressive sale price,” Moret said in a news release.

CVS opened its doors at the Coral Spring location in November 2015. Now, a company called 144 Coral Springs LLC purchased the commercial building for a little over $506 per square foot. Florida records don’t show who controls the company, though it is managed by Miami attorney Steven Rubin.

David Donnellan, Mark Drazek and Todd Weintraub of CBRE brokered the sale on behalf of CPAC.

In February 2015, a Moret-led joint-venture paid $26 million for the Royal University Plaza shopping strip in Coral Springs.