Washington Prime Group has sold Royal Eagle Plaza, a shopping center in Coral Springs, Florida, for $60.5 million. The buyer is a joint venture led by Carlyle Management Group and an entity managed by Edward Rutkovsky, both based in Boca Raton.
According to public records and the real estate database Vizzda, two affiliates of Carlyle Management now hold a 66 percent stake in the property while Rutkovsky’s entity owns the remaining 34 percent. The purchase was partly financed with a $40 million loan from Wells Fargo. The transaction price equates to $285 per square foot for the 211,663-square-foot complex.
Royal Eagle Plaza consists of four buildings located at 9100-9190 Wiles Road. It was completed in 1989, two years after Washington Prime acquired the 11.7-acre site. The previous sale price for the property is not available 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’s retail real estate market. In 2022, it purchased the shopping center component of Mainstreet at Boynton for $33 million. That mixed-use project includes other outparcels and a senior living facility; its shopping center is anchored by Sprouts supermarket and features tenants such as AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets.
In addition to Royal Eagle Plaza and Mainstreet at Boynton, Carlyle also owns Boynton Commons in Boynton Beach—a property acquired for $50 million in 2019—which counts PetSmart, Party City, Bed Bath & Beyond and Barnes & Noble among its tenants.
Other recent retail transactions in Coral Springs include Perkins Realty Management’s acquisition of Esplanade Center for $26.5 million; that property combines medical office space with retail shops and was built in 1988. Perkins Realty also expanded into Pembroke Pines this July with the purchase of a self-storage and retail plaza for $15.5 million.
