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A Tale of Distressed Miami Retail

MIAMI—Talk about a dramatic distressed commercial estate turnaround. Less than 90 days after buying Royal University Plaza, one joint venture did this.

By Jennifer LeClaire | Updated on July 01, 2015

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.

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