Investors Double Coral Springs Shopping Center Value 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.