Sale price triples the partnership’s original purchase
CREC – Florida’s leading, independent, full-service commercial real estate firm – announced today that CPAC, a joint venture between CREC and members of the Lindemann Family, has completed the sale of University Shoppes of Sunrise in Sunrise, Florida, for $12.6 million, to Luxcom, founded by Oscar Barbara.
With this sale, which closed on November 20, the partnership achieved three times its original acquisition price.
CPAC acquired University Shoppes of Sunrise through foreclosure after purchasing the distressed note in 2012 at a significant discount. At the time of purchase, the property was comprised of a 135,011-square-foot retail center located on 13.2 acres, which included a vacant 103,480-square-foot former BJ’s Wholesale Club.
The partnership identified this purchase as a redevelopment opportunity and began to reposition the property to execute a ground lease with Aldi for a portion of the property. Upon completion of the new grocer, 9.2 acres of prime developable land remained, which CREC recognized as a prime suburban 222-unit multifamily development site and positioned the property for sale as such.
“This transaction adds yet another layer to the depth of CREC’s acquisition activity this year, further highlighting our ability to recognize opportunities that yield a robust return,” said CREC Chairman and Co-Founder Warren Weiser. “We saw tremendous value in purchasing the note for this property, at a low basis point that allowed us to evaluate the best use for its future, which we ultimately concluded to be multifamily. The execution of the sale was a strong land play, where we maximized value.”
“We continue to engage in high-level acquisition and sales activity with the benefit of providing our partnerships with full-service capabilities across our diverse product types and services, which includes the ability to seamlessly underwrite and execute deals across the state of Florida, “added CREC Co-Founder and President Carol Greenberg Brooks.
CREC Vice President Andrew Remick and Aztec Group Managing Director Peter Mekras represented the seller, CPAC.
CREC is the leading, independent, full-service commercial real estate company in Florida with offices throughout the state of Florida. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.
Luxcom has diverse expertise in residential and commercial developments made for the ideal developer of this parcel. Luxcom is currently developing Mosaic at Venetian Parc in Kendall, Greyson Homes at Wellington, Auto Vault in Fort Lauderdale and Campbell Square in Miami.