Crow Holdings acquired the Turtle Crossing shopping center in Coral Springs.
The Turtle Crossing shopping plaza in Coral Springs sold for $32.5 million, achieving a nice gain for the local sellers.
Turtle Crossing Coral Springs LLC, a joint venture between Davie-based Ross Realty Investments and Fort Lauderdale-based SunCap Real Estate Investments, sold the 90,434-square-foot shopping center at 4180 and 4210 N. State Road 7, plus 5760 and 5860 Wiles Road. The buyer obtained a $21.5 million mortgage from Inwood National Bank.
The buyer was an affiliate of Dallas-based commercial real estate firm Crow Holdings. The price equated to $359 per square foot.
Dennis Carson of CBRE represented the sellers in the deal.
Ross Realty and SunCap acquired the property for $27.35 million and subsequently sold off two leased out-parcel buildings for a combined $4.37 million. Their profit gain is a good sign as the Covid-19 pandemic and the rise of e-commerce increases distribution in the retail sector.
“We felt it was a good time to sell based on occupancy and the demand for quality product is strong,” said Bob Sherman, senior VP at Ross Realty.
Turtle Crossing is 98% leased, he said. Tenants include Chipotle, Dollar Tree, Panda Express, VisionWorks, Buffalo Wild Wings, and Autozone.
The shopping center was built on the 11.1-acre site in 2008. It’s right next to a SuperTarget and near the Seminole Casino at Coconut Creek.
