Royal University Plaza sold for $26M

Brian Bandell

Senior Reporter-South Florida Business Journal

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The Royal University Plaza in Coral Springs was acquired for $26 million by a joint venture between CREC and Lubert Adler Real Estate Funds.

The price works out to $264 per square foot for the 98,500-squaure-foot center at 2556 North University Drive, on the corner of Royal Palm Boulevard.

Tye Holdings, a Hollywood-based company managed by Samuel Schachter, sold the property to CPAC Royal University, an affiliate of CREC and Lubert Adler. The deal included $13.75 million in seller financing.

The property was developed in 1977. The 10.5-acre site last traded for $5 million in 2004, so the seller saw a significant return on investment.

Royal University Plaza is only 45 percent leased, with tenants such as Petco, Nick's New Haven Style Pizzeria & Bar, Jimmy John's, and Brooklyn Water Bagel Co.

The buyers said they would invest in capital improvements at the property and an aggressive leasing campaign.

"CPAC and Lubert Adler identified Royal University Plaza as an ideal redevelopment opportunity due to the fact that it was only 45 percent leased, while competing centers in the area are approximately 98 percent occupied," CPAC Principal David Moret said in a news release. "The property was not listed for sale, but we contacted the owner and worked to develop a relationship over the past nine months. We conducted our due diligence on a handshake and moved forward with a non-refundable contract when we were ready."

CBRE's Alan Esquenazi and Sabrina Meerbott will oversee the leasing and marketing for Royal University Plaza.