The Real Deal Miami

Ross Realty sells Coral Springs commercial portfolio for $43M

Seller developed the Heron Bay properties between 2006 and 2008
By Amanda Rabines | September 26, 2018 06:15PM

From left: Heron Bay and Tiktin Real Estate Investment Services’ Adam Tiktin and Alejandro Snyder

Ross Realty Investments just sold three of its commercial buildings in Coral Springs for $42.95 million.

The Heron Bay portfolio, located just off the Sawgrass Expressway on Coral Ridge Drive, consists of a mix of retail and office properties totaling 130,985 square feet. The trade breaks down to about $330 per square foot.

The buyer, Asuman 57th Street LLC, is led by private investor Asuman G. Polat, whose investments include assets in New York.

Tiktin Real Estate Investment Services’ Adam J. Tiktin and Alejandro Snyder represented the sellers.

Tiktin said Ross Realty spent about $14 million assembling the lots and developed the properties between 2006 and 2008.

The portfolio includes Waterway Shoppes, which spans about 40,260 square feet; Heron Bay III, a 45,340-square-foot office building at 5830 Coral Ridge Drive; and Heron Bay IV, a 45,380-square-foot office building.

Tiktin said he listed the property about three months ago. The office portfolio is leased to a number of medical tenants including Memorial Healthcare Systems and All Source Recruiting Group.

A number of investors are targeting Coral Springs, amid efforts to revitalize its downtown and bring in new development. About five miles south of the portfolio, developer PreDevCo. is building a $200 million mixed-use development set to include more than 500 residential units, 230,000 square feet of commercial space, and an eight-story, 150-room hotel.

Ross Realty is a commercial real estate firm that focuses on community shopping centers, neighborhood grocery-anchored centers, power centers, stand-alone retailers and office buildings, according to its website.