Following $13.6 million acquisition in 2015, Baltimore-based CRC substantially increased value of asset by elevating occupancy from 80 to 100 percent and added a restaurant pad site.
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 11 states with more than $3.7 billion Assets Under Management (AUM), has completed the sale of Cypress Run Marketplace, an 87,000 square foot neighborhood shopping center located at 10599 West Atlantic Boulevard in Coral Springs, Florida. The property was sold for $21.32 million. CBRE’s Dennis Carson, Sriram Rajan, and Casey Rosen represented CRC in the transaction. The buyer was The Q.V.H. Corporation, a Miami -based firm.
Constructed in 1989 and located at the intersection of West Atlantic Boulevard and Coral Springs Drive, Cypress Run Marketplace was acquired in 2015 on behalf of Continental Realty Fund IV, L.P. for $13.6 million. The asset is anchored by Walmart Neighborhood Market, the international retailer’s grocery concept. The shopping center includes roughly 48,000 square feet of in-line and out-parcel tenants featuring a mix of restaurants, health and beauty, fitness, consumer and professional services, and other necessity-based retail categories.
During CRC’s hold, the firm leased more than 17,000 square feet of space, elevating the occupancy from 80 percent to 100 percent, while also executing accretive long-term lease renewals across the existing tenancy. CRC also specializes in development and parcelization strategies of freestanding NNN pads. CRC was able to execute on that expertise at Cypress Run by leasing and developing an additional outparcel with Popeyes Louisiana Kitchen, a new 15-year lease that delivered in the fourth quarter of 2022.
Nearly 44,000 cars pass Cypress Run Marketplace each day and more than 355,000 people reside within a five-mile radius of the center, which supports the shopping needs of Coral Springs and Tamarac families. More than 135,000 households, with an average household income exceeding $72,000, surround the center.
“Coral Springs is a tremendous, in-fill submarket within South Florida. During our ownership, we have found several levers to unlock value. Our team has brought the asset to full occupancy, added new development, and enhanced the property’s overall offerings to the community,” explained Haley Donato, CRC’s Senior Vice President of Asset Management & Finance. “Our relationships in leasing, investments and property management were critical in delivering this outcome. Cypress Run is another showcase of our vertically integrated team,” added Donato.
Headquartered in Baltimore, Maryland and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of almost eight million square feet of commercial space and over 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.7 billion. For additional information, visit www.crcrealty.com.
