Washington Prime Group has sold Royal Eagle Plaza, a shopping center in Coral Springs, for $60.5 million. The buyer is a joint venture led by Carlyle Management Group, with two affiliates of the Boca Raton-based firm and an entity managed by Edward Rutkovsky acquiring the property at 9100-9190 Wiles Road, according to public records and data from Vizzda.
The purchase was partially financed with a $40 million loan from Wells Fargo. According to the deed, Carlyle’s affiliates now own 66 percent of Royal Eagle Plaza, while Rutkovsky’s entity holds the remaining 34 percent. The sale price equates to about $285 per square foot for the 211,663-square-foot shopping center.
Royal Eagle Plaza consists of four buildings and was completed in 1989. Washington Prime Group, based in Columbus, Ohio and led by Christopher Conlon, acquired the 11.7-acre site two years before its completion. The previous sale price was not disclosed in public records.
Tenants at Royal Eagle Plaza include McDonald’s, Bank of America, Bolay, and Kpot Korean BBQ.
Carlyle Management Group has been active in South Florida retail real estate. In 2022, it purchased the shopping center component of Mainstreet at Boynton—a mixed-use project anchored by Sprouts supermarket—for $33 million. Other tenants there include AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile, and GoodVets. In addition to this acquisition, Carlyle owns Boynton Commons in Boynton Beach; it paid $50 million for that 22.6-acre property in 2019. Tenants at Boynton Commons include PetSmart, Party City, Bed Bath & Beyond, and Barnes & Noble.
Recent retail transactions in Coral Springs also include Perkins Realty Management’s purchase of Esplanade Center—a medical office and shopping center—at 901-1001 University Drive for $26.5 million. Perkins Realty also bought a self-storage and retail plaza in Pembroke Pines for $15.5 million earlier this year.
