Stiles closed on the $27.6 million purchase of Shoppes of Wilton Manors, a 77,746-square-foot neighborhood retail center in Wilton Manors, Florida. Stiles partnered with FCA Partners on the acquisition. Synovus Bank awarded a $21.7 million mortgage to the buyer.
The shopping center on 5.4 acres at 2262 Wilton Drive was sold by Grass River Property and Terra. Grass River paid $21 million for the property in 2018.
A detailed renovation is scheduled to begin early 2025. The current redevelopment plans call for improvements to the façade, walkways, landscaping and parking areas, with the goal of returning it to a Class A property.
Originally constructed in 1958 and expanded in 1985, this is the second time Stiles acquired the property. The company bought it in 2004 and sold it in 2007.
Jorge Portela, Maurice Habif and Danny Finkle of JLL represented the seller.
Stiles is responsible for more than 52 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States.
The post Stiles Picks Up S. Florida Retail Center, for 2nd Time appeared first on Connect CRE.
