Trending
Walmart-anchored shopping center in Coral Springs trades for $21M
Miami-based Q.V.H. bought Cypress Run Marketplace from Continental Realty
Q.V.H. Corporation picked up a grocery store-anchored shopping center in Coral Springs for $21.3 million.
An affiliate of Q.V.H., a Miami-based commercial real estate firm led by president Rolando Hernandez, acquired Cypress Run Marketplace at 10599-10667 West Atlantic Boulevard, records and Vizzda show. The buyer obtained an $8 million mortgage with U.S. Century Bank to partially finance the purchase.
A CBRE team led by Dennis Carson and Sriram Rajan represented the seller, an affiliate of Baltimore, Maryland-based Continental Realty Corp. In 2015, Continental paid $13.6 million for the 85,247-square-foot shopping center anchored by a Walmart Neighborhood Market, records show. Cypress Run Marketplace was completed in 1989.
The shopping center was fully occupied at the time of sale, a press release states.
During its ownership of Cypress Run Marketplace, Continental filled 17,000 square feet with new tenants including Hard Exercise Works, Pittsburgh Paints, USK Karate Academy, Beard 2 Beard Barber Shop, Sabeena Yoga and Kitchen Bath & More. Last year, Continental developed an outparcel on the 9.6-acre site, leasing it to Popeyes Louisiana Kitchen, the press release states.
Outdoor shopping centers in South Florida are in hot demand. Recently, Raanan Katz’s RK Centers paid $38 million for 1600 Commons, a 65,338-shopping center anchored by Trader Joe’s and Nordstrom Rack in Fort Lauderdale. Also this month, Sarasota-based Benderson Development acquired Linton Commons, a Delray Beach retail plaza featuring RH Outlet, Guitar Center and PetSmart as tenants, for $28 million.
In September, Apollo Realty Income Solutions dropped $56 million for the fully leased, Publix-anchored 16000 Pines Market shopping plaza in Pembroke Pines. Coconut Grove-based Terra, 1600 Pines’ developer, sold the property.
The previous month, Chicago-based Bucksbaum Properties made its first commercial real estate purchase in Florida by acquiring Juno Beach’s Plaza La Mer. Bucksbaum paid $27.1 million for the 120,152-square-foot retail plaza with a tenant roster that includes Dunkin’ Donuts and Tire Kingdom.