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, based in Boca Raton and managed by Charles Rosner, along with an entity managed by Edward Rutkovsky.
According to property records and data from Vizzda, the new owners secured partial financing for the acquisition with a $40 million loan from Wells Fargo. Ownership of the 211,663-square-foot plaza is split between the Carlyle affiliates, who hold 66 percent, and Rutkovsky’s entity with 34 percent. This sale values the property at about $285 per square foot.
Royal Eagle Plaza consists of four buildings located at 9100-9190 Wiles Road. It was completed in 1989 after Washington Prime acquired the site two years earlier. Christopher Conlon leads Washington Prime Group.
The shopping center hosts tenants such as 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 bought Mainstreet at Boynton’s shopping center component for $33 million; that project also features other outparcels and a senior living facility. Tenants there include Sprouts supermarket, AT&T, Crown Wine & Spirits, F45 training studio, Capitol Carpet & Tile and GoodVets.
Carlyle also owns Boynton Commons in Boynton Beach after acquiring it for $50 million in 2019. Tenants include PetSmart, Party City, Bed Bath & Beyond and Barnes & Noble.
Other recent transactions in Coral Springs include Perkins Realty Management’s purchase of Esplanade Center—a medical office and shopping center—for $26.5 million at 901-1001 University Drive. Perkins Realty also acquired a self-storage and retail plaza in Pembroke Pines for $15.5 million earlier this year.
