Joint venture mortgages Coral Springs retail center for $22M

Six months after a joint venture acquired the Royal University Plaza in Coral Springs, the group has mortgaged its new shopping plaza for $22 million.

The plaza is a 10-acre development with 98,500 square feet of leasable space, located at 2564 University Drive. It was first built in 1977, and at the time of its last sale in February, it was roughly 45 percent leased.

Mercantil Commercebank issued the mortgage on the property to CPAC Royal University, a joint venture between the Lubert-Adler Real Estate Funds investment firm and the Commercial Real Estate Companies, according to public records.

David Moret, principal of CPAC

CPAC Royal University paid $26 million to acquire the property earlier this year from Tye Holdings, a Coral Springs-based company, Broward property records show.

David Moret, principal of CPAC, had said that the company was in talks with a variety of national tenants that were interested in the retail center.

“CPAC and Lubert Adler identified Royal University Plaza as an ideal redevelopment opportunity due to the fact that it was only 45 percent leased, while competing centers in the area are approximately 98 percent occupied,” said David Moret, principal of CPAC, in a statement released in February. “The property was not listed for sale, but we contacted the owner and worked to develop a relationship over the past nine months. “