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Vacant Retail Site Fetches $6M

CORAL SPRINGS, FL-Tulepan Management plans to lease the 55,000-sf building--formerly occupied by Albertson's and then Milam's Market--to national credit tenants after it is subdivided and refit. The property sold for about $111.82 per sf.

By Melissa Bogdany | Updated on August 02, 2004

CORAL SPRINGS, FL-As part of its aggressive growth in South Florida’s retail market, New York-based the Roberts Organization purchased a vacant former Albertson’s building in town for nearly $6.2 million.Milam’s Market of Miami sold the 55,000-sf building for about $111.82 per sf. The Roberts Organization’s preliminary plans are to subdivide and refit the building and lease it to national credit tenants, says Randy Tulepan of Tulepan Management LLC, who with Craig Tulepan of the same company is handling the management and leasing of the property. In addition, the Roberts Organization plans to develop a 6,000-sf outparcel building on the property, facing University Drive, he says. The outparcel possibly would be for restaurant use.The property is located on 7. 8 acres of property on University Drive, adjacent to Magnolia Shoppes and near the Coral Springs/Parkland border. The building is visible from the Sawgrass Expressway.Randy Tulepan says the building was a good buy for the Roberts Organization. “We think it’s a great location,” he says. “It’s right off of Sawgrass, and it’s close to new home developments in Parkland and across the street from an office condo development.”"It’s definitely a strong acquisition for us. When we turn around and lease it, it’s going to add” value, he adds. “Coral Springs is a solid market, good demographics.”He adds that he has seen significant interest from prospective tenants. “We’re talking to quite a few major tenants. There’s a lot of interest from national tenants.” What needs to be done to the space depends on what tenants sign, Randy Tulepan notes, and he plans to move forward as soon as possible. “As soon as we sign the deals, we’re” going to get the space ready.An Albertson’s grocery store formerly occupied the building, which Milam’s Market later purchased. Milam’s Market has moved out of the location. The building was built in 1998.

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