Cypress Run Marketplace Sells for $7.8M

CORAL SPRINGS, FL-Cypress Run Marketplace, a 85,247-sf shopping center here, has been sold for $7.8 million, or about $91.79 per sf. Game Properties, a local investor from Coral Gables, FL, purchased the property, located at 10599 W. Atlantic Blvd., from Sansone Group of St Louis.

The shopping center is anchored by Winn-Dixie. Other tenants include ABC Learning Center and the Broward County Library. At the time of the sale, the center was 87% occupied.

Cypress Run Marketplace was built in 1989, but the property owner and Winn-Dixie recently provided substantial property improvements. The shopping center was the seller’s only asset in Florida; most of its properties are located in the St. Louis area.

“It is a long term hold for the buyer,” William R. Strauss, a broker involved in the transaction, tells GlobeSt.com. “The property is well-located and in overall good physical condition. The only remaining issue is to lease up the few current vacancies.”

Strauss, David J. Donnellan and Richard Tarquinio, retail investment advisers of CB Richard Ellis, represented Sansone Group and were the only brokers involved in the transaction.