The Plaza at Coral Springs, a neighborhood retail center in Coral Springs, has been sold for $18.3 million. Seller 35 Oak Holdings disposed of the property to Maven Real Estate, according to information reported in connection with the transaction. The 96,000-square-foot center, situated on a 10.6-acre site just east of Coral Square Mall, was originally developed in 1985 and has changed hands at least once before. The South Florida Business Journal previously reported that the asset last sold for $17.74 million in 2016, indicating a modest increase in valuation over the past decade.
BankUnited provided an $11 million mortgage to Maven Real Estate in conjunction with the acquisition. The loan adds a senior debt component to the deal structure, with a commercial bank serving as the lender. Specific loan terms such as interest rate, maturity and amortization schedule were not disclosed in the available information.
CBRE handled investment sales duties on behalf of the seller. A CBRE team led by Benjamin Silver, Kelley Greenstein and Leslie Maister represented 35 Oak Holdings in the transaction and was also responsible for securing Maven Real Estate as the buyer. The brokerage team positioned The Plaza at Coral Springs as a stabilized, theater-anchored center located adjacent to an established regional mall.
The Plaza at Coral Springs is anchored by Paragon Theaters, which serves as the primary draw for the property. In addition to the movie theater, the center features a mix of smaller tenants across the remaining space, including two retailers that function as shadow anchors to the project. While the specific tenant roster beyond the anchor was not detailed, the broader merchandising strategy appears to rely on entertainment and complementary retail categories.
At the time of sale, the property was reported to be 89% leased, reflecting a largely occupied center with some remaining vacancy for potential lease-up. CBRE’s Benjamin Silver noted that the asset’s movie theater lease contained below-market rents and tenant extension options, requiring a longer-term hold period for the previous owner. Despite that constraint, he indicated that investors continued to focus on the quality of the underlying real estate and its position next to Coral Square Mall as the main drivers of value.
The combination of a stabilized occupancy profile, a well-known theater anchor and proximity to an established regional mall helped support both the sale and the new bank financing. The latest trade and mortgage execution underscore ongoing investor and lender interest in suburban retail centers that demonstrate durable foot traffic and strong surrounding retail infrastructure, even when some legacy lease structures may limit near-term rent growth.
