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.”
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.