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96K-SF Coral Springs Retail Center Trades Hands
35 Oak Holdings offloaded The Plaza at Coral Springs for $18.3 million. The South Florida Business Journal reports that The Plaza at Coral Springs last sold for $17.74 million in 2016. It was built on the 10.6-acre site just east of Coral Square Mall in 1985. Maven Real Estate was the buyer. of the 96,000-square-foot retail center.
BankUnited provided an $11 million mortgage to the buyer.
CBRE’s Benjamin Silver, Kelley Greenstein and Leslie Maister represented the seller and secured Maven Realty as the buyer.
The center is anchored by Paragon Theaters and features a diverse tenant mix, including two retailers that serve as shadow anchors. The property was 89% leased at the time of sale.
CBRE’s Silver added, “While the property’s movie theater lease required a longer-term hold due to below-market rents and tenant extension options, investors still recognized the value of the underlying real estate and its strategic location next to Coral Square Mall. “
- ◦Sale/Acquisition
