Less than 90 days after acquiring Royal University Plaza at 45% occupancy, CPAC Royal University, LLC – a joint venture between the principals of CREC and Lubert Adler Real Estate Funds – has inked a new anchor tenant lease with Total Wine & More.
The 25,285 square foot lease boosts occupancy at the Coral Springs shopping center to 70 percent just as a capital improvement program gets underway.
The new Total Wine & More location is expected to open to the public by the end of the year.
Royal University Plaza is a 98,500 square foot property located at 2556 North University Drive, at the corner of University Drive and Royal Palm Boulevard in the heart of Coral Springs. Current tenants include Petco, Nick’s New Haven Style Pizzeria & Bar and Jimmy John’s. In March, Brooklyn Water Bagel Co. opened a new prototype for the franchise, with sales to date far exceeding expectations.
“The strong tenant interest we’re seeing at Royal University Plaza reflects the shopping center’s outstanding location and visibility within the market,” said David Moret, Principal of CPAC. “Our success right out of the gate is an example of CPAC’s ability to identify underperforming assets and maximize value through leasing, marketing and property management. The addition of Total Wine & More, along with upcoming capital improvements, will serve as a magnet for additional users.”
CPAC is launching a capital improvement and redevelopment program that will create new tenant spaces, upgrade the property’s physical appearance and expand its physical footprint, with the goal of attracting additional junior anchor tenants, new shops and restaurants.
There is strong tenant interest and active discussions with a number of prospects, according to Alan Esquenazi and Sabrina Meerbott who are leading CREC’ s leasing effort on the project.
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