MIAMI—Talk about a dramatic distressed commercial estate turnaround. Less than 90 days after buying Royal University Plaza at 45% occupancy, CPAC Royal University—a joint venture between the principals of CREC and Lubert Adler Real Estate Funds—has pushed occupancy up to 70% and the future looks bright.

The JV inked a new anchor tenant lease with Total Wine & More, which is expected to open to the public by the end of 2015. The 25,285-square-foot lease boosts occupancy at the Coral Springs, FL shopping center just as a capital improvement program gets underway.

“The strong tenant interest we're seeing at Royal University Plaza reflects the shopping center's outstanding location and visibility within the market,” says David Moret, principal of CPAC. According to Alan Esquenazi and Sabrina Meerbott, who are leading CREC' s leasing effort on the project, there is strong tenant interest and active discussions with a number of prospects, according to

Royal University Plaza is a 98,500-square-foot property located at 2556 North University Drive, at the corner of University Drive and Royal Palm Boulevard in Coral Springs. Petco, Nick's New Haven Style Pizzeria & Bar and Jimmy John's are among the current tenants. In March, Brooklyn Water Bagel Co. opened a new prototype for the franchise, with sales to date far exceeding expectations.

“Our success right out of the gate is an example of CPAC's ability to identify underperforming assets and maximize value through leasing, marketing and property management,” Moret says. “The addition of Total Wine & More, along with upcoming capital improvements, will serve as a magnet for additional users.”

CPAC is launching a capital improvement and redevelopment program that will create new tenant spaces, upgrade the property's physical appearance and expand its physical footprint. The goal is to attract additional junior anchor tenants, new shops, and restaurants.