The Real Deal Miami

CREC, Lubert Adler buy Coral Springs shopping center for $26M

Tenants include Jimmy John's, Petco and Brooklyn Water Bagel Co.
By Sean Stewart-Muniz | February 20, 2015 03:30PM

Royal University Plaza and David Moret of CPAC

Another shopping center in Coral Springs sold, property records show.

CPAC Royal University closed on a $26 million purchase of the Royal University Plaza in Coral Springs, at 2556 North University Drive.

The 98,500-square-foot shopping center is 45-percent leased, with tenants including Jimmy John’s, Petco, Nick’s New Haven Style Pizzeria & Bar and Brooklyn Water Bagel Co.

Tye Holdings, a Coral Springs-based firm, sold the 10-acre site. 

CPAC is a joint venture between principals of Continental Real Estate Companies, a commercial real estate firm, and investment company Lubert Adler Real Estate Funds.

The developer plans to renovate the property and begin a leasing campaign, according to a press release. Alan Esquenazi and Sabrina Meerbott of CREC will handle marketing and leasing for the plaza.

The sale marks more than $100 million in purchases over the past three years for CPAC.

“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. “The property was not listed for sale, but we contacted the owner and worked to develop a relationship over the past nine months. “

“We conducted our due diligence on a handshake and moved forward with a non-refundable contract when we were ready,” he said. “We approached several national tenants prior to closing and have received tremendous interest on the property and are excited about its future tenant line up.”

This marks yet another shopping center sale in Broward this month: a Boca Raton-based developer purchased a plaza in the area for $27.4 million, followed by two more shopping centers trading for $34 million by a Fort Lauderdale-based developer.