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A joint venture partnership between CREC and Lubert Adler has found gold in retail renovation, nearly doubling the value of its Coral Springs shopping center in two years.
The partnership just sold Royal University Plaza, a 115K SF shopping center off North University Drive, for $48M, or $417/SF, to Zurich American Insurance Co. The partnership purchased the shopping center, then wallowing at 45% leased, in 2015 for $26M, or $226/SF.
The JV then pumped capital into the shopping center and refilled it with such tenants as Total Wine & More and Orchard Supply Hardware, with occupancy now exceeding 90%, CREC Chairman Warren Weiser said.
“You have a fairly significant strategic piece of real estate,” filled with retailers who appear to be insulated from the mass closings occurring in the overall industry, Weiser said.
CORRECTION, June 7, 8:00 P.M. ET: Royal University Plaza is located in Coral Springs, Florida. A previous version of the story incorrectly identified the shopping center's location.
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