Coral Springs retail center trades for $13.6M
85,247 sf Cypress Run Marketplace is 80 percent leased and includes a Walmart
September 21, 2015 05:00PM
Cypress Run Marketplace
Cypress Run Marketplace, a retail center in Coral Springs, has sold for $13.6 million, brokerage firm CBRE announced on Monday.
The 85,247-square-foot, multi-tenant shopping center at 10599-10667 West Atlantic Boulevard was purchased by CR Cypress Run LLC, an entity linked to Continental Realty Corp. The Baltimore, Maryland-based company’s website shows it owns shopping centers in several states, including 11 centers in Florida. Its only other property in South Florida is in Royal Palm Beach.
The seller is Cypress Run LLC, managed by Firpo Garcia with an address in Coral Gables, according to public records. The entity had purchased the shopping center in 2003 for $7.825 million, according to Broward County property records.
CBRE said it was hired by the seller to market the asset for sale and negotiate the transaction.
Cypress Run Marketplace is 80 percent occupied and is anchored by a 40,722-square-foot Walmart Neighborhood Market. The sale also includes an out-parcel leased to Original Pancake House.
“There was extraordinary interest for Cypress Run Marketplace from a large group of high-profile shopping center owners, which led to a highly competitive bid process,” David Donnellan, senior vice president of CBRE said in a statement. “Cypress Run fits the profile of what active retail investors are aggressively seeking today: value-add, grocery-anchored investment opportunities in dense, in-fill locations in major submarkets of Florida.”
Fort Lauderdale-based Donnellan and Miami-based Dennis Carson and Casey Rosen handled the sale for CBRE. — Ina Cordle
Source: The Real Deal