Sale of Coral Palm Plaza in Coral Springs, Florida, closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Coral Palm Plaza, a 135,723-square-foot, grocery-anchored retail center in Coral Springs, Florida.
HFF marketed the property on behalf of the seller. An entity controlled by RK Centers purchased the asset free and clear of existing debt.
Coral Palm Plaza is home to specialty grocer Doris Italian Market as well as anchors Michael’s, Buy Buy Baby, Dollar Tree and Planet Fitness. Additional shop tenants of the 96.7-percent-leased center include Panera Bread, Vision World, Great Clips, Coral Springs Physicians and El Mariachi Restaurant. The center is situated on 14.1 acres at 2001-2153 University Drive within the city of Coral Springs. Coral Palm Plaza is located in the northwestern part of Broward County three miles east and south of the Sawgrass Expressway and five miles west of the Florida Turnpike. More than 350,000 residents live within a five-mile radius of the center.
The HFF investment sales team representing the seller was led by managing director Luis Castillo, senior managing director Daniel Finkle, and associate director Nat Scarmazzi.
“Coral Palm Plaza’s combination of food, fitness and destination anchors coupled with the property’s excellent positioning within the desirable Coral Springs market appealed to buyers,” Castillo said. “This property is well positioned for the future and will continue to outperform the market under the new ownership.”
About RK Centers
RK Centers is a privately held, family-owned real estate development company which currently owns more than 7 million square feet of commercial space. The company focuses on acquiring, developing and operating market dominant "open air" regional and community shopping centers in New England and South Florida. For additional information, visit www.rkcenters.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.