PreDevCo adds to assemblage for Coral Springs mega mixed-use project

The developer acquired a 145K sf office building, which will be razed to build Coral Springs Citi Center

TRD MIAMI /
Apr.April 10, 2018 05:15 PM

Coral Springs Financial Center and Drew Kristol and Kirk Olson, Site plan for Coral Springs Citi Center

Developer PreDevCo just paid $7.8 million to buy the Coral Springs Financial Center, part of its plans to eventually develop a mixed-use project on about 8.5 acres of land in Coral Springs.

The trade for the 145,000-square-foot office at 3300 University Drive breaks down to about $54 per square foot. The seller, 3300 CSFP LLC, is a Miami Beach company led by Asset Recovery Corp.’s John Olsen. Records show the deal included $5.7 million in seller financing.

Site plan for Coral Springs Citi Center

Coral Springs Financial Center, built in 1975, was about 40 percent occupied, according to a release. The property last sold for $6.2 million, records show. Marcus & Millichap’s Drew A. Kristol and Kirk D. Olson represented the seller.

The office building is one of three properties Boca Raton-based PreDevCo is assembling in order to build, Coral Springs Citi Center, $200 million mixed-use project designed by Dorsky + Yue International Architecture. The development includes more than 500 residential units, 230,000 square feet of commercial space, and an 8-story, 150-room hotel.

Principal at PreDevCo, Rod Sheldon, said the firm bought the second parcel from Amera 3300 Land in an off-market deal, and declined to comment on the price. The 276,000-square-foot parcel surrounds the Coral Springs Financial Center. The developer is in the middle of closing on the last piece of land — an adjacent city-owned parcel, which spans about an acre, Sheldon said.

The development would be part of the city’s vision for a new downtown district in Coral Springs at University Drive and Sample Road.


Related Articles

arrow_forward_ios
Shlomo Khoudari, Managing Partner at Elion Partners, and Stephen A. Schwarzman, CEO of the Blackstone Group, with 1800-1880 North Commerce Parkway, Weston, and 3400-3450 Park Central Boulevard, Pompano Beach (Credit: Google Maps)

Blackstone pays $46M for Broward industrial properties

Blackstone pays $46M for Broward industrial properties
Jose Sasson and Roberto Susi, 3900 Coral Ridge Drive

Elion Partners buys Coral Springs warehouse for $7M

Elion Partners buys Coral Springs warehouse for $7M
790 Harbor Inn Coral Springs

Copperline sells Coral Springs apartments for $75 million

Copperline sells Coral Springs apartments for $75 million
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center
Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...