CBRE Arranges Sale Of The Plaza At Coral Springs

CBRE arranged the sale of The Plaza at Coral Springs, a 93,067-square-foot retail center in Coral Springs for $18.3 million.

The property is located at 650-850 Riverside Drive, adjacent to Coral Square Mall, a major retail destination in Broward County.

CBRE’s Benjamin Silver, Kelley Greenstein and Leslie Maister represented the seller, 35 Oak, Inc., and secured Plaza at Coral Springs, LLC as the buyer.

“This transaction demonstrates continued investor demand for well-located retail real estate in South Florida,” said Silver, Senior Vice President at CBRE. “While the property’s movie theater lease required a longer-term hold due to below-market rents and tenant extension options, investors still recognized the value of the underlying real estate and its strategic location next to Coral Square Mall. The asset generated significant buyer interest, highlighting the limited availability of retail investment and development opportunities in West Broward County.”

The Plaza at Coral Springs sits on more than 10 acres and is near several established residential communities and major commuter highways. The center is anchored by Paragon Theaters and features a diverse tenant mix, including two retailers that serve as shadow anchors. The property was 89% leased at the time of sale.