CPAC Sells Retail Center in Metro Miami for $12.6 Million

Sunrise, Fla. — CPAC, a joint venture between CREC and members of the Lindemann family, has sold University Shoppes of Sunrise in Broward County for $12.6 million.

At the time of sale, the property was 95 percent leased to tenants including Chuck E. Cheese, Sprint and Sherwin Williams. Andrew Remick of CREC and Peter Mekras of Aztec Group represented CPAC in the transaction. Luxcom acquired the asset. CPAC originally acquired the property through foreclosure in 2012 and repositioned the property, executing a ground lease with Aldi and selling a portion of the land for a new multifamily development.

Tagged under