Revised October 20, 2014
Continental Properties Acquisition Corporation (CPAC), an affiliate of Continental Real Estate Companies (CREC), announces the $6.75 million acquisition of the Silver Lakes Campus, a 43,380-square-foot mixed-use property in Pembroke Pines.
“The Silver Lake Campus is home to strong-performing retailers and medical tenants serving the West Pembroke Pines and Silver Lakes community,” said David Moret, Principal of Continental Properties Acquisition Corporation. “Although the property has suffered through a bankruptcy, receivership and foreclosure, CPAC is prepared to make the capital investments needed to improve the condition and appearance of the complex and improve the property’s tenancy.”
Located at 17720 Pines Blvd. and 17782 SW 2nd St. in Pembroke Pines, the property currently has an occupancy rate of 80% and consists of 7,500 square feet of retail space and 35,880 square feet of medical office space. Retail tenants include Dunkin’ Donuts, Subway, Domino’s Pizza, among others. A variety of physicians’ offices and dentists also occupy space in the complex.
Built in 1996, Silver Lakes Campus is the latest distressed asset acquisition that CPAC has completed as it continues to grow its commercial real estate portfolio. Over the last three years, CPAC has completed nine acquisitions involving former lender-owned assets, focusing on successfully stabilizing and increasing their long-term value.
CPAC acquired the Silver Lakes Campus in an online real estate auction, making it the third asset the company has acquired via this online platform.
“One of the unique challenges of buying properties in an online auction is the need to complete the due diligence and closing process quickly and effectively,” Moret explained. “The auction process tests our ability to complete inspections in a compressed time frame in order to comply with the auction requirements.”
CPAC has engaged CREC as the complex’s exclusive leasing agent and property management firm.
Bill McConnell and Kenneth Kurtz, CCIM of Ft. Lauderdale-based NAI Rauch Weaver Norfleet Kurtz & Co. co-brokered the deal with C-III Realty Services.
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