Coral Springs Shopping Center Fetches $26 Million

CPAC Royal University, LLC, a joint venture between principals of CREC and Lubert Adler Real Estate Funds, has closed on the $26 million acquisition of Royal University Plaza in Coral Springs.
The owners intend to complete a series of capital improvements, undertake an aggressive leasing campaign and reposition the property within the Broward market.
Located at 2556 North University Drive, Royal University Plaza is a 98,500-square-foot shopping center at the corner of University Drive and Royal Palm Boulevard in the heart of Coral Springs. The shopping center is currently 45% leased to tenants including Petco, Nick’s New Haven Style Pizzeria & Bar, Jimmy John’s, and Brooklyn Water Bagel Co., which is opening one of the franchise’s largest restaurants to date at the retail center.
The acquisition of Royal University Plaza is an example of CPAC’s ability to navigate complex transactions and identify off-market investment opportunities. With this latest acquisition, CPAC has now purchased more than $100 million worth of assets with its partners and investors over the past three years.  As market conditions continue to improve, CPAC plans to pursue additional strategic acquisitions and also sell and recapitalize assets once it has successfully executed its value enhancement strategies.
 

“CPAC and Lubert Adler identified Royal University Plaza as an ideal redevelopment opportunity due to the fact that it was only 45% leased, while competing centers in the area are approximately 98% occupied,” said David Moret, Principal of CPAC. “The property was not listed for sale, but we contacted the owner and worked to develop a relationship over the past nine months. We conducted our due diligence on a handshake and moved forward with a non-refundable contract when we were ready. We approached several national tenants prior to closing and have received tremendous interest on the property and are excited about its future tenant line up.”

CPAC Royal University, LLC has engaged CREC’s Alan Esquenazi and Sabrina Meerbott to oversee the retail leasing and marketing efforts at Royal University Plaza. The CREC team is already in active discussions with several highly desirable national anchor tenants.

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