Stiles bought a shopping center in Wilton Manors for $27.6 million, but it won’t pursue the seller’s previous plan to redevelop a portion of the site with an apartment building.
Fort Lauderdale-based Stiles bought the Shoppes of Wilton Manors at 2200-2292 Wilton Drive from an entity linked to Coconut Grove-based Grass River Property, according to records and real estate database Vizzda. Coconut Grove-based Terra was a co-seller of the property.
Charlotte, North Carolina-based FCA Partners partnered with Stiles on the purchase, according to a Stiles news release.
Jorge Portela and Maurice Habif were part of the JLL team that represented the seller.
The buyers borrowed a $21.7 million loan from Synovus Bank.
The 78,600-square-foot retail property consists of a pair of one-story buildings completed in 1958 on a 5.4-acre site, Vizzda records show.
Tenants include men’s clothing store Pride Factory, Relax BodyWorks and Tee Jay Thai Sushi.
Grass River and partner Downstream Realty had paid $21 million for the shopping center in 2018.
In January, Grass River and Terra scored approval to redevelop one of the retail buildings with a six-story, 252-unit apartment building with about 24,000 square feet of commercial space. Construction never started.
Stiles plans to renovate the Shoppes of Wilton Manors starting next year, including improving the façade, walkways, landscaping and parking, the firm’s news release says. Stiles purchased the retail center as part of its recently launched value-add retail investment strategy.
The company’s news release makes no indication Stiles will pursue the apartment project.
The family founded and led firm, which was started in 1951, has developed more than 52 million square feet across asset classes in the Southeast U.S., according to its website. It also has construction, property management and brokerage divisions. Ken Stiles is CEO.
Stiles’ projects include The Main Las Olas with offices, retail and apartments.
In July, Stiles and PGIM Real Estate sold the eight-story, 315-unit eight-story Ellsworth apartment building at 1301 Southwest 80th Terrace in Plantation for $133 million. In March, Stiles dropped $27.5 million for Shopper’s Haven at 3301 and 3371 North Federal Highway and 3500 Northeast 16th Terrace in Pompano Beach.
South Florida has scored some shopping center deals this year, even though activity has slowed amid elevated interest rates. Last month, IMC Equity Group paid $62 million for the Miracle Marketplace at 3301 Coral Way in Miami, marking a 32.6 percent discount off its purchase price a decade ago. That came on the heels of Miami Heat owner Ranaan Katz’s RK Centers’ $42.3 million purchase of the two-building Fountains of Miramar at 2905-3161 Southwest 160th Avenue in Miramar.