CORAL SPRINGS, FL-Under the new ownership of Miami Bach-based LNR Property Corp., Hawk's Crossing, a 78,000-sf shopping center at the southwest corner of US 441 and Wiles Road here, will be completely redeveloped and expanded to a 32-acre, 260,000-sf center. A 185,000-sf Super Target will anchor the property.

Randy Weisburd, VP of LNR's commercial property group, tells GlobeSt.com LNR paid $8.5 million for the existing center, which is just 15% occupied. A 52,000-sf Winn-Dixie vacated Hawk's Crossing three years ago. LNR already owned the adjacent 18.3 acres and Miami-based Continental Real Estate Cos. (CREC) represented it in the purchase of the largely vacant center. Weisburd says the joining of the two parcels marks the first step in LNR's ambitious redevelopment plan for the site. He declined to provide an estimated redevelopment cost, but says the project is consistent with LNR's focus on urban infill redevelopment and calls this project "adaptive reuse at its best."

"Target wanted to open a superstore in the Coral Springs market," says Alan Esquanazi, retail tenant rep for CREC. "Our identification of Hawk's Crossing as an ideal site was the catalyst for this project."

Following the commitment from Target, LNR also hired CREC to lease the remaining 76,400 sf of junior anchor and small shop retail space planned adjacent to Target. In addition, LNR is offering ground leases on four outparcels that aggregate approximately 3.6 acres. Leasing is assigned to Sabrina Meerbott, CREC's senior leasing associate, who says she has received "a high level of interest" and expects to announce other national and regional retail tenants soon.

Paul Cawley, executive director of Coral Springs Economic Development Foundation, says, "the old Winn-Dixie, as we call it, has been vacant for about three years and this project will increase the assessed value of this Coral Springs commercial property, which is the specific mission of our foundation." The project is currently going through the entitlement process and analysis by the architectural review committee. It is expected to break ground in the third quarter of this year.