CORAL SPRINGS, FL-Tulepan Management, a local subsidiary of New York City-based Roberts Organization, has fully renovated the 51,000-sf former Albertson's supermarket it acquired for $6.2 million in August 2004. The property, which lay vacant for more than two years, is now fully leased for 10 years to Office Depot and Laser Fun Zone.

In addition, Tulepan's construction of a 6,000-sf retail building in the former supermarket's parking lot is three weeks from completion, according to Randy Tulepan, asset manager of the firm, and is 100% preleased to Dunkin Donuts, Coal Oven Pizza and Dry Clean USA, in respective units of 1,800 sf, 3,000 sf and 1,200 sf. Tulepan tells GlobeSt.com the renovation and new construction cost $3.5 million and is now named Westview Shoppes.

Steve Friedman of Boca Raton-based Synergy Retail Group represented Office Depot in the lease negotiations. Steve Saschatzberg of locally based Wheeler Realty represented the three tenants in the new building. Tulepan negotiated all leases from the owner side of the table. Laser Fun Zone spoke for itself. Its 30,000-sf children's entertainment center contains a dual-arena laser tag venue, café, video game arcade, craft areas and 10 kids' party rooms, all based on an Indiana Jones theme. It will open in March.

The former Albertson's, although owned by Roberts, is an in-line component of Davie-based Ross Realty Investments' 200,151-sf Magnolia Shoppes community shopping center at Sawgrass Expressway and University Drive. Roberts' new structure is a stand-alone building. Tulepan says, "when we acquired the Albertson's, we had this large parking lot. It was difficult to obtain approval to build, because Coral Springs has strict codes, but it was worth the effort." He declined to disclose the rent rates. According to a report from Miami Beach-based Terranova Corp., average asking retail rates in Coral Spring rose from $16.46 per sf in 2004 to $18.35 per sf in 2005. A third-quarter 2005 report from the area office of CB Richard Ellis puts the average asking retail rental rate in this area of Broward County at $17.58 per sf.