Miami-Area Retail Center Sells for $27M

The occupancy of the Class A shopping center increased by 26 percent in the past two years.
Aerial View of Turtle Crossing, Coral Springs, Fla.
Aerial View of Turtle Crossing, Coral Springs, Fla.

Coral Springs, Fla.—CREC recently announced that it has closed the sale of Turtle Crossing, a 99,174-square-foot retail property located within the Turtle Crossing neighborhood of Coral Springs. The Class A asset was acquired by Turtle Crossing Coral Springs LLC, a joint venture between Davie, Fla.-based Ross Realty Investments and SunCap Real Estate Investments. The price tag was $27.3 million, approximately $275 per square-foot.

CREC Senior Vice President Harry Blyden and Warren Weiser, chairman & co-founder of CREC represented the seller, Turtle Run Venture LLC. There was no broker representation for the buyer.

The sale encompasses properties situated on an 12.7-acre site at 5760, 5840 and 5860 Wiles Road, and 4180 and 4210 North State Road 7. The transaction excluded the 174,000-square-foot building owned and occupied by Super Target, which is located in the center of the property.

Turtle Crossing is situated at the intersection of US Route 441, in a growing trade area that also includes Coconut Creek, Margate and Parkland. The asset provides easy access and is exposed to approximately 80,000 vehicles per day.

Within the last 24 months, CREC increased tenant occupancy from 60 percent to 86 percent. The property features a notable roster of national and local tenants, including Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill. Additionally, the company recently completed the lease of a 14,427-square-foot space with Tuesday Morning, which intends to occupy the space in fall 2017.

“We generated significant investor interest for this institutional-quality product due to Turtle Crossing’s position in a densely-populated and affluent trade area, its high percentage of national tenants, and the immense drawing power of Super Target,” said Blyden in a prepared statement. “Our positive leasing momentum, including the addition of a new national junior anchor tenant, also greatly contributed to the property’s upside potential.”

Photo courtesy of Ross Realty Investments website