Monthly Archives : January 2016

CPAC sells newly built CVS in Coral Springs for $6M

The paint had barely dried on this newly built CVS before its developer, Miami-based Continental Properties Acquisition Corp, sold it for $6.3 million.

Located on 2.5 acres of land at 10425 West Sample Road, the new commercial building measures 12,430 square feet. It’s triple-net leased out to CVS Pharmacy for the next 25 years — that means the retailer handles all maintenance and operating expenses for the property.

CREC_CPAC_CVS

CPAC first eyed the property for development in 2012. It’s made up of two adjoined parcels, one of which housed a vacant financial building owned by Bank of America.

The real estate firm paid a mere $625,000, or less than $10 per square foot, for the Bank of America parcel. Two years later, CPAC bought the neighboring vacant land for $420,000.

“We felt early on that this property would be far more marketable as an assemblage, and our belief was validated by CVS’ arrival and our aggressive sale price,” a representative said in a news release.

CVS opened its doors at the Coral Spring location in November 2015. Now, a company called 144 Coral Springs LLC purchased the commercial building for a little over $506 per square foot. Florida records don’t show who controls the company, though it is managed by Miami attorney Steven Rubin.

David Donnellan, Mark Drazek and Todd Weintraub of CBRE brokered the sale on behalf of CPAC.

In February 2015, a Moret-led joint-venture paid $26 million for the Royal University Plaza shopping strip in Coral Springs.

– See more at: CPAC sells newly built CVS in Coral Springs for $6M


Archives:
CPAC Gets Uber Creative in CVS Deal

Always looking to reposition assets for a value-add, Continental Properties Acquisition Corporation (CPAC) just showed off its creativity again. The firm repositioned an undervalued asset in the emerging Coral Springs, FL market, a suburb of Fort Lauderdale.

CPAC converted a 1.6-acre site it acquired in 2012 for $625,000 into a 2.5-acre site that sold for $6.3 million. The company did this by assembling two individual parcels on opposite sides of a canal.

Located at 10425 West Sample Road in Coral Springs, the site is now home to a CVS store. CVS built a new 12,430-square-foot store there before CPAC sold the property to a private investor.

“We felt early on that this property would be far more marketable as an assemblage, and our belief was validated by CVS’ arrival and our aggressive sale price,” CPAC principal tells GlobeSt.com. “We continue to seek similar assets that lend themselves to value creation.”

CREC_CPAC_CVS

Here’s the backstory: When CPAC acquired the first portion of the assemblage in 2012, the site was home to a vacant bank branch formerly occupied by Bank of America. CPAC and their team recognized that maximizing the property’s value meant creating corner visibility and access from Coral Springs Drive and Sample Road.

With this strategy in mind, CPAC acquired neighboring land and ultimately connected the two parcels creating a 2.5-acre site that was large enough to accommodate a national pharmacy tenant. David Donnellan, Mark Drazek, and Todd Weintraub of CBRE; and Miguel Echarte and Cliff Stein from Savitar Realty were the brokers involved with the sale.

The Coral Springs market is showing strength. Bank of America Center, a 50,000-square-foot class A multi-tenant office building sitting at 1401 North University Drive in Coral Springs, FL, recently sold there.

Archives:
Vista Lago at the Hammocks Apts Sold fr $17.7M

RAIT Financial Trust sold 136 residential units, 55 percent of the 248 total condos at Vista Lago at the Hammocks located at 15689 SW 106th Ln in Miami, FL to Fortune Capital Partners, Inc. for $17.68 million or approximately $130,000 per unit.

The 120, 139-sf multifamily complex consists of on and two bedroom units in a total of 16 buildings. It was constructed in 1988 in the Hammocks submarket. This apartment complex is located within minutes from Miami-Dade College, West Baptist Hospital, and the Gilbert L. Porter elementary school.

Peter Mekras of CREC represented the seller. The buyer used in-house representation.

Please see CoStar COMPS #3473526 for more information on this transaction.