The Real Deal Miami

Davie firm buys part of Coral Springs shopping center for $27M

LNR sold the buildings at Turtle Crossing for about $262 psf
By Katherine Kallergis | March 06, 2017 05:00PM

Turtle Crossing shopping center

Davie-based Ross Realty Investments purchased portions of a Coral Springs shopping center for $27.35 million.

The Turtle Run Venture LLC sold the properties at 5760, 5840 and 5860 Wiles Road; and 4180 and 4210 North State Road 7, called Turtle Crossing, in the Turtle Run neighborhood of Coral Springs, records show. The seller is an affiliate of Starwood Capital Group’s LNR Property.

The buildings total 104,321 square feet and the land totals 554,755 square feet, which means this most recent sale breaks down to about $262 per square foot and $49 per foot, respectively. The buildings were completed between 2008 and 2014 and listed with CREC, according to a flier. They are nearly 89 percent occupied.

Tenants include Enterprise Rent-A-Car, Panda Express, Gyromania Grill, AutoZone, Panera Bread, GameStop and Chipotle Mexican Grill. The deal does not include the 174,000-square-foot Super Target in the middle of the property at 440 North State Road 7.

The buyer, Ross Realty Investments, bought the property along with SunCap Real Estate Investments, according to its website. The commercial real estate firm focuses on community shopping centers, neighborhood grocery-anchored centers, power centers, stand-alone retailers and office buildings.

Ross Realty and SunCap financed the deal with a $19.14 million mortgage from Continental Casualty Company.

In June, a company led by investor William Wiener paid nearly $18 million for the Plaza at Coral Springs, a similarly sized, 96,280-square-foot shopping center with tenants that included Broward Kidney Centers, Frank Theatres and Outback Steakhouse.