CREC Arranges $13M Sunrise Retail Sale

CREC Vice President Andrew Remick and Aztec Group Managing Director Peter Mekras worked on behalf of seller CPAC in the transaction.

Aerial view of University Shoppes of Sunrise
Aerial view of University Shoppes of Sunrise

CREC has brokered the sale of University Shoppes of Sunrise, a 135,011-square-foot retail center in Sunrise, Fla. CPAC, a joint venture between CREC and members of the Lindemann family, sold the asset to Luxcom in a $12.6 million deal.

Centennial Bank facilitated the transaction with approximately $7 million in acquisition financing, according to public records. Located at 3469 University Drive, the shopping center sits on a 13.2-acre site. CPAC acquired the property in 2012 through foreclosure. After purchasing the University Shoppes at Sunrise, CPAC repositioned the complex to execute a ground lease with Aldi for a portion of the property. In a similar deal, CREC closed the sale of Turtle Crossing earlier this year.

Bustling location

University Shoppes of Sunrise enjoys a heavily trafficked location with more than 100,500 vehicles per day at the intersection of University Drive and Oakland Park Boulevard. Directly across the street from the property is a Walmart to the east and a Lowe’s Home Improvement to the south.

CREC Vice President Andrew Remick and Aztec Group Managing Director Peter Mekras represented the seller in the transaction.

Image courtesy of CREC

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