MIAMI—Talk about a dramatic distressed commercial estate turnaround. Less than 90 days after buying Royal University Plaza at 45% occupancy, CPAC Royal University—a joint venture between the principals of CREC and Lubert Adler Real Estate Funds—has pushed occupancy up to 70% and the future looks bright.

The JV inked a new anchor tenant lease with Total Wine & More, which is expected to open to the public by the end of 2015. The 25,285-square-foot lease boosts occupancy at the Coral Springs, FL shopping center just as a capital improvement program gets underway.

“The strong tenant interest we're seeing at Royal University Plaza reflects the shopping center's outstanding location and visibility within the market,” says David Moret, principal of CPAC. According to Alan Esquenazi and Sabrina Meerbott, who are leading CREC' s leasing effort on the project, there is strong tenant interest and active discussions with a number of prospects, according to