The Real Deal Miami

Groupe Petra buys Coral Springs office and retail center

Property is next to planned $200M mixed-use project
By Amanda Rabines | April 11, 2018 06:00PM

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.