Cypress Run Market Place
By Ryan Yousefi
Continental Realty Corporation, a real estate investment and management firm based in Baltimore, has sold the Cypress Run Marketplace shopping center to a Miami company.
The 87,000-square-foot property at 10599 West Atlantic Boulevard sold for $21.32 million in a sale facilitated by CBRE’s Dennis Carson, Sriram Rajan, and Casey Rosen, representing CRC.
At the same time, the buyer was identified as The QVH Corporation, a Miami-based firm.
Constructed in 1989, Cypress Run Marketplace was initially acquired in 2015 by Continental Realty Fund IV, LP for $13.6 million.
According to data provided by CRC, almost 44,000 vehicles pass by Cypress Run Marketplace daily, making the shopping center a pivotal retail point in Coral Springs. Its location caters to a residential base of over 355,000 people within a five-mile radius.
The shopping center includes roughly 48,000 square feet of in-line and out-parcel tenants, featuring a mix of restaurants, health and beauty, fitness, consumer and professional services, and other necessity-based retail categories.
Haley Donato, CRC’s Senior Vice President of Asset Management and Finance, shared via press release that her team has enjoyed helping the Coral Springs community retail environment thrive, with this sale marketing being a big achievement for all involved.
“Coral Springs is a tremendous, in-fill submarket within South Florida. We have found several levers to unlock value during our ownership,” Donato added. “Our team has brought the asset to full occupancy, added new development, and enhanced the property’s overall offerings to the community,”
“Our relationships in leasing, investments, and property management were critical in delivering this outcome. Cypress Run is another showcase of our vertically integrated team,” Donato said.
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