MIAMI–Always looking to reposition assets for a value-add, Continental Properties Acquisition Corporation (CPAC) just showed off its creativity again. The firm repositioned an undervalued asset in the emerging Coral Springs, FL market, a suburb of Fort Lauderdale.
CPAC converted a 1.6-acre site it acquired in 2012 for $625,000 into a 2.5-acre site that sold for $6.3 million. The company did this by assembling two individual parcels on opposite sides of a canal.
Located at 10425 West Sample Road in Coral Springs, the site is now home to a CVS store. CVS built a new 12,430-square-foot store there before CPAC sold the property to a private investor.
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