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, based in Boca Raton, and an entity managed by Edward Rutkovsky, also from Boca Raton.
According to property records and the real estate database Vizzda, the purchase was partially financed with a $40 million loan from Wells Fargo. Ownership of Royal Eagle Plaza is split between the Carlyle affiliates, which hold 66 percent, and Rutkovsky’s entity, which holds 34 percent. The sale price equates to $285 per square foot for the 211,663-square-foot property.
Royal Eagle Plaza consists of four buildings and was completed in 1989. Washington Prime Group acquired the 11.7-acre site two years earlier. The previous sale price was not disclosed in public records.
The shopping center’s tenants 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 for $33 million; this mixed-use project includes other outparcels and a senior living facility. The Mainstreet at Boynton shopping center is anchored by Sprouts supermarket and includes tenants such as AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile, and GoodVets.
Carlyle also owns Boynton Commons in Boynton Beach after acquiring it for $50 million in 2019. Tenants there include PetSmart, Party City, Bed Bath & Beyond, and Barnes & Noble.
Other recent retail transactions in Coral Springs include Perkins Realty Management’s acquisition of Esplanade Center—a medical office and shopping center—for $26.5 million at 901-1001 University Drive. Perkins Realty also bought a self-storage and retail plaza in Pembroke Pines for $15.5 million in July.
