Turtle Crossing in Coral Springs, Florida, sold for $27.35 million, or $275 per square foot, according to real estate firm CREC, which represented the seller.
The transaction is the largest shopping center sale in Broward County, to date, this year.
Located at the intersection of U.S. 441 and Wiles Road, the sale encompassed properties at 5760, 5840 and 5860 Wiles Road, and 4180 and 4210 North State Road 7, totaling 99,174 square feet of retail buildings within Turtle Crossing’s 12.74 acres.
The transaction excluded the 174,000-square-foot, shadow anchor Super Target, owned and occupied by the major national retailer, which is situated in the center of the property.
CREC Chairman and Co-Founder Warren Weiser and Senior Vice President Harry Blyden represented the seller, Turtle Run Venture LLC.
There was no broker representation for the buyer, Turtle Crossing Coral Springs LLC, a joint venture between Davie-based Ross Realty Investments and SunCap Real Estate Investments.
“We generated significant investor interest for this institutional-quality product due to Turtle Crossing’s position in a densely-populated and affluent trade area, its high percentage of national tenants, and the immense drawing power of Super Target,” said Blyden. “Our positive leasing momentum, including the addition of a new national junior anchor tenant, also greatly contributed to the property’s upside potential.”
CREC has a long history of providing real estate services in various capacities to Turtle Crossing, having been involved in a multitude of transactions since the property’s inception in 2008. This includes negotiating the purchase of the Super Target parcel on behalf of Target in 2006, providing predevelopment services for the shopping center, and most recently, being tapped to exclusively lease the property with the goal of positioning it for sale. CREC successfully increased tenant occupancy from 60 percent to 86 percent within the last 24 months.
Turtle Crossing enjoys a notable roster of national and local tenants, including Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill. Additionally, CREC recently completed the lease of a 14,427-square-foot junior anchor space with Tuesday Morning, which plans to occupy the space in fall 2017.
“Our overall efforts to drive high-quality tenants, coupled with attracting Tuesday Morning to a prominent space, were the concluding factors that allowed the seller to execute its exit strategy and maximize value,” added CREC Senior Vice President and Director of Leasing Sabrina Stimming, who led the lease-up with CREC Senior Vice President and Director of Leasing Steven Henenfeld.
A ‘Class A,’ regional shopping center, Turtle Crossing is strategically situated within the Turtle Crossing neighborhood of Coral Springs, a growing trade area that also includes Coconut Creek, Margate and Parkland. Its location at a high-traffic intersection affords easy access and prominent exposure, with a traffic count of 80,000 vehicles per day.
CREC is an independent commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida.