CREC Arranges $13M Sunrise Retail Sale
- Nov 29, 2017
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.
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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