The seller of the property, Taurus Coral Springs LLC, was represented by CB Richard Ellis Investment Properties first vice president Richard Tarquinio and vice president Charles Crapse.
Constructed in 1988 on 14.25 acres, the center is anchored by Bally Total Fitness. Other tenants include Stupid Prices, Sally's Beauty Supply, Tires Plus, Washington Mutual and Backstreet Hair Designs. In addition, a private school occupies approximately 6,200 sf.
Tarquinio tells GlobeSt.com that the seller is a German fund that saw the opportunity to market the property as a redevelopment opportunity. The property has development rights for 600,000 sf of mixed-use space. "Since the seller was not in the development business, it felt it was an appropriate time to sell the property," he says.
The property was 60% leased at the time of the sale. After redeveloping the property, which Woolbright has planned, Tarquinio estimates rents for the property will range from $20 to $35 per sf.
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