Success Stories

  • Takeover in November 2010
  • Resolution: Sold - October 2012
  • Lender Recovery: 85%
  • Value at Takeover: $4.5MM
  • UPB at Takeover: $11.9MM
  • Sale Price $9.8MM

Coral Springs Shopping Center

60,000 SF Shopping Center in Coral Springs, FL
The property is a 60,000 SF retail center in Coral Springs, FL, approximately 45 miles north of Miami and 15 miles west of the Atlantic Coast in Southern Florida. The property was formerly anchored by a laser tag facility which occupied 50% of the property and vacated in 2007. Due to the overwhelming number of vacant anchor spaces in the Coral Springs submarket leasing prospects were minimal. Bluett’s was appointed as Receiver by a special servicer in November 2010 to reposition the asset.

Action

B&A worked closely with the special servicer to develop a reposition plan that would maximize the trust's recovery. Upon takeover, B&A immediately enhanced the property by upgrading landscaping and painting building exteriors to position the property for lease. Utilizing its broad network of real estate professionals, B&A hired a best-in-class leasing team and developed a void analysis for the vacant anchor box.

Due to the significant number of vacant anchor boxes in the market, B&A pursued each potential tenant use tirelessly. After determining that a fitness club would be well suited for this location, B&A reached out to its network of fitness tenants and found a local operator with strong regional credit. The tenant signed a lease for 20,000 SF of the 30,000 SF anchor space and B&A worked closely to develop an optimal floor plan configuration to maximize the leasability of the remaining vacant space. In addition to the fitness tenant, B&A leased a vacant shop space and renewed one of the tenants increasing occupancy from 48% at takeover to 83% at disposition.

Outcome

The property sold for $9.8MM in October 2012 which represents a more than 100% increase in value from receivership takeover.