Groupe Petra buys Coral Springs office and retail center

Property is next to planned $200M mixed-use project

TRD MIAMI /
Apr.April 11, 2018 06:00 PM

Charter Place and Groupe Petra’s Giuseppe Borsellino and Paul Miceli (Credit: Avison Young and Groupe Petra)

UPDATED April 12, 6 p.m.: Private real estate management firm Groupe Petra just dropped $21.15 million for an office and retail complex in Coral Springs, next to a $200 million planned mixed-use project.

The 231,500-square-foot Charter Place office and retail center at 3301 North University Drive traded for $90 per square foot. HFF’s Ike Ojala, Hermen Rodriguez and Tracey Goo represented the seller.

Records show Montreal-based Groupe Petra, led by Giuseppe Borsellino and Paul Miceli, financed the deal with a $15 million loan from Apollo Bank. The executives were represented by Lani Capote-Dull of Capote & Capote, P.A., based in Brickell.

The seller is a company tied to the White Plains, New York-based private real estate investment management firm True North. The company bought the center out of foreclosure in 2012 for $1.06 million, records show.

The building sold 94 percent leased to tenants including Florida Department of Revenue, BFS Companies, Bank of America/Merrill Lynch, Wells Fargo, Sola Salons and Keller Williams, according to HFF.

Charter Place features a four-story 80,000-square-foot office building, three one-story retail buildings and a parking garage. It sits on about 4 acres of land on the southeast corner of University Drive and Sample Road, next to the site where developer PreDevCo is building its Coral Springs Citi Center mixed-use project. Once complete, the project will include more than 500 residential units, 230,000 square feet of commercial space, and 150-room hotel.

The development is part of the city’s vision for a new downtown district in Coral Springs. The Coral Springs Charter School, which neighbors Charter Place, may be relocating as part of the city’s plans, according published reports.


Related Articles

arrow_forward_ios
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

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

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

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

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

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Power restored after blackout envelopes West Side of Manhattan

Power restored after blackout envelopes West Side of Manhattan

arrow_forward_ios
Loading...