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A year after taking a chance on a Coral Springs shopping center, the JV owners of Royal University Plaza are celebrating its turnaround with a new high-profile tenant.
CREC and Lubert Adler bought the 98,500SF center in February 2015 for $26M when some key spaces were vacant. Since that time, the group has inked a deal with Total Wine & More and now with Orchard Supply, which is opening a 37k SF store in the center, one of its first locations in Florida.
The deals have helped pump occupancy to above 90%. Officials say they were attracted to the center since it was in a strong demographic area.
"As we began evaluating the neighborhood following last year's acquisition," says CREC's Alan Esquenazi, "we quickly identified a lack of available boxes capable of attracting junior anchors."
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