Crow Holdings pays $33M for Coral Springs’ Turtle Crossing
Shopping center is shadow-anchored by Super Target, although store not included in deal
Crow Holdings bought the Turtle Crossing shopping plaza in Coral Springs for $32.5 million.
A joint venture of Ross Realty Investments and SunCap Real Estate Investments sold the buildings at 5860-5884 and 5760-5772 Wiles Road as well as at 4210-4396 and 4180-4190 North State Road 7, according to records.
Dallas-based Crow Holdings, a privately owned real estate investment manager and developer, financed the purchase with a $21.5 million loan from Inwood National Bank.
The properties, constructed at various times from 1998 to 2014, total 90,434 square feet on 11 acres, property records show. Davie-based Ross Realty and Fort Lauderdale-based SunCap bought the real estate in 2017 for $27.4 million.
Tenants include Greek restaurant Gyromania Grill, Chipotle Mexican Grill, Panera Bread, a GNC supplements store, an Enterprise Rent-A-Car and day care Kiddie Academy of Coral Springs.
The properties are next to a Super Target, which shadow-anchors the plaza but was not included in the deal. Several Turtle Crossing outparcel also were not part of the purchase.
Founded in 1978, Ross Realty develops, manages, leases and invests in retail real estate throughout South Florida, according to its website. It has built out single-tenant spaces as well as big box stores. The firm is led by founder Barry Ross.
In another Coral Springs deal, Ross Realty sold the three-building Heron Bay portfolio consisting of offices and retail for $42.95 million in 2018.
Fort Lauderdale-based SunCap Real Estate is a retail and industrial investor focusing on already profitable properties as well as real estate with upside potential realized through capital improvements, according to its website. SunCap managers have purchased more than $2 billion of assets and have a target of buying four properties per year. It has properties in Colorado, Georgia, North Carolina and Florida.
Crow, led by Michael Levy, has $21 billion of assets under management, with several South Florida investments, according to its website. In July, it bought a Delray Beach apartment complex for $111.75 million.
Crow’s Coral Springs purchase comes as South Florida’s retail market is rebounding, with third quarter rents surpassing pre-pandemic levels amid a drop in vacancies. According to a Colliers report, the Broward County average asking rent rose to $22.96 per square foot, from the previous high of $22.83 a square foot in the fourth quarter of 2019.