Continental Realty Corp. has acquired the Cypress Run Marketplace in Coral Springs for $13.6 million. The 85,000 square foot Walmart-anchored center is located on West Atlantic Blvd. Built in 1989 on a 9.6-acre site, the property traded for $160 per square foot. The seller, Coral Gables-based Cypress Run LLC managed by Firpo Garcia, bought the asset in 2003 for $7.83 million. Cypress Run Marketplace was 79 percent leased at the time of closing.
“Our team recognized an extremely strong-performing grocery anchor at Cypress Run Marketplace, coupled with the opportunity to add immediate value to the center through the leasing of more than 17,000 square feet of available space,” said Paul Kang, director of acquisitions for Continental Realty.
