Area retail brokers and construction sources tell GlobeSt.comthe minimum estimated replacement cost of a comparable propertytoday is about $75 per sf.

Randy Tulepan, a principal in Coral Springs-based TulepanManagement LLC, also an affiliate of the Roberts Organization,tells GlobeSt.com the buyer plans to invest another $20 million inreconfiguring the property into a high-end, open-air power andlifestyle center. The seller was Aurora Investments Inc. of WestPalm Beach.

"The property's frontage along US 1 provides excellent accessand visibility," Tulepan tells GlobeSt.com. "The property isideally located three-quarters of a mile south of Downtown FortPierce, with the bridge to Hutchinson Island less than two milesnorth of the subject site." Five tenants currently occupy CoralSquare Shopping Center, paying an average base rent of $20 persf.