Identify, implement and elevate.
CREC nearly doubles the Royal University Plaza acquisition price.
Partnering with Lubert Adler, CREC identified and executed on the successful repositioning of Royal University Plaza – an undervalued, off-market property. Rapidly implementing a 360º plan, the team maximized asset value by elevating this underperforming center to a Class A institutional property.
High-quality national anchors such as Total Wine with 25,000 sq.ft. and Orchard Supply Hardware (a Lowe’s subsidiary) were secured. To meet Orchard Supply’s requirement of 37,000 sq.ft., an innovative reconfiguration of shop space added 15,000 sq.ft. to the property.
Leveraging its in-house synergies from acquisition, leasing and capital markets, to strategic redevelopment and construction, CREC brokered a sale price of $48 million. Acquisition price in 2015 was $26 million.
The CREC team with its deep retail relationships and extensive network of major retailers, led an aggressive leasing campaign, attracting high-quality anchors. Tenancy grew from 45% at time of acquisition to 97% at sale. Capital improvements were handled by CREC’s in-house construction supervision group.
A now vibrant epicenter in the Coral Springs sub market, leading tenants include Total Wine & More, Orchard Supply Hardware, Pet Supermarket, Jimmy John’s, Hertz Rental Cars, Smoothie King and AAA Auto Club.
The 115,000 square-foot property is located at 2556 North University Drive, Coral Springs, Florida.