Grover Corlew, the real estate investment management group focused on acquiring, transforming and managing office and multifamily properties, has announced the sale of Turtle Run Shoppes, a 79,000-sq.-ft. open-air retail center located at the intersection of Sample Road and Turtle Creek Drive in Coral Springs.
The property sold for $19.5 million to Turtle Run Realty Partners, an affiliate of Pliskin Realty.
Douglas Mandel of Marcus and Millichap represented both the seller and buyer in the transaction.
“This sale reflects the successful execution of our long-term business plan through targeted renovations and tenant repositioning,” said Anuj Grover, Partner at Grover Corlew. “We’re proud of how Turtle Run Shoppes has grown as a retail destination for the Coral Springs community we look forward to reinvesting in new growth opportunities.”
Anchored by Ross Dress for Less and Burlington, the center also features a strong mix of national and long-term tenants, including Cycle Gear, America’s Best Contacts & Eyeglasses, Smoothie King and My Salon Suites, along with additional neighborhood retailers. At the time of sale, the property was 92.4% leased, with two new leases recently signed, underscoring strong demand along the high-traffic Sample Road corridor.
Grover Corlew acquired Turtle Run Shoppes in 2014 and completed a multi-million-dollar renovation designed to enhance visibility, tenant mix and long-term asset performance. Improvements included new retail spaces and an outparcel, a redesigned façade, extensive landscaping, wetlands mitigation and the addition of five monument signs.
“This was a complex redevelopment that began with assembling five separate parcels from four different owners,” Grover added. “We also created new direct access along the high-traffic Sample Road corridor, where the center previously had no entrance, and fully redeveloped the property. Those strategic improvements significantly enhanced visibility, access and long-term value.”
Located near the busy Sample Road and State Road 441 corridor, Turtle Run Shoppes serves shoppers from Coral Springs, Margate, Pompano Beach and south Boca Raton, making it a highly desirable retail destination for both national brands and service-oriented tenants.
The transaction closed at a 6.68% capitalization rate based on in-place net operating income, reflecting the strong performance and stability Grover Corlew achieved through strategic leasing and asset improvements.
For more information on Grover Corlew, visit grovercorlew.com.
About Grover Corlew
Real estate veterans with a proven track record of more than 100 years of combined industry experience lead Grover Corlew in acquiring, transforming and managing office and multifamily properties across the southeastern U.S., with a focus on Florida. The Grover Corlew team has developed, owned and managed 10,000+ units and more than 10 million sq. ft. of commercial space, taking a personalized approach to investor and tenant relationships, which has attracted corporate headquarters to Grover Corlew signature buildings. The company is actively developing new projects that will continue to help revitalize and stimulate local communities. To find out more about Grover Corlew visit grovercorlew.com.
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