Retail investors are feverish for shopping centers in Coral Springs. Maven Real Estate is the latest buyer in a string of major retail trades in the northwest Broward County city.
An affiliate of Coral Gables-based Maven, led by Marc Schwarzberg and Jose Ortega, paid $40.5 million for Atlantic Crossings, a 197,406-square-foot shopping center at 750 and 819 University Drive, records and real estate database Vizzda show. The 18.6-acre property is anchored by Whole Foods and Home Depot.
Maven partially financed the purchase with a $22.3 million mortgage from Miami Lakes-based BankUnited. The deal breaks down to roughly $205 per square foot. The buyer paid roughly $9 million above the previous sale price 20 years ago.
The seller, an affiliate of Chicago-based Allied District Properties, paid $13.4 million for the shopping center in 1995, a year after the Atlantic Crossings was completed, records show. In addition to Whole Foods and Home Depot, tenants include Crunch Fitness, LensCrafters, Pak Mail Center and Pines Aesthetics.
The transaction extends a streak of investor activity in Coral Springs’ retail market, with at least three major centers trading hands since late October.
This month, New York-based JPMorgan dropped $53.7 million for the Shoppes at Heron Lakes at 5601 to 5791 Coral Ridge Drive. The 145,618-square-foot property’s tenants include Crunch Fitness, The Fish Joint, Lefty’s Tavern & Grille and Pasquale & Son’s Pizza Co.
Also this month, Boca Raton-based Carlyle Management Group partnered with investor Edward Rutkovsky to purchase Royal Eagle Plaza at 9100–9190 Wiles Road for $60.5 million. Wells Fargo financed the deal with a $40 million loan. Tenants in the four-building, 211,663-square-foot complex include McDonald’s, Bank of America, Bolay, and Kpot Korean BBQ.
Last month, Deerfield Beach-based and Lynn, Massachusetts-based Perkins Realty Management paid $26.5 million for Esplanade Center at 901–1001 University Drive, which is home to Jenny Craig, Sage Dental and Tijuana Taxi Co.
