Stiles Company picked up a Pompano Seaside procuring center that will quickly be anchored by a Publix shop.
An affiliate of Fort Lauderdale-based mostly Stiles paid $27.5 million for Shopper’s Haven at 3301 and 3371 North Federal Highway, and 3500 Northeast 16th Terrace, data exhibit. Stiles, led by CEO Kenneth Stiles, also attained a $36.4 million house loan from Initially Horizon Lender.
The seller, an affiliate of Pompano Beach front-based mostly Partridge Fairness Team, bought the 215,744-sq.-foot browsing heart for 45 percent underneath its past purchase cost. In 2016, Partridge compensated $50 million for Shopper’s Haven, at the time anchored by a Winn-Dixie shop.
The Jacksonville-centered grocer closed the shop in 2019, published reports condition.
Howard Bregman with Marcus & Millichap represented Partridge in the most current offer, and landed Stiles as the buyer, a push release states. Sitting down on 22.1 acres, Shopper’s Haven was finished in 1964 and underwent renovations in 1999, 2013 and once more previous calendar year, the launch states.
Dunkin’ Donuts, Outback Steakhouse, Michaels, YouFit, Bealls, and Walgreens are current tenants, but Social gathering City is about to vacate a significant space and a further massive box place was remaining vacant by Bed, Bathtub & Past, the release states.
However, design of a new Publix shop in the 51,000-sq.-foot house earlier occupied by Winn-Dixie is set to begin inside a thirty day period, Bregman said in a statement. Publix signed a extensive-phrase lease in 2022, data exhibit.
“The consumer programs to appreciably boost the house with upgrades to the storefronts, façade, landscaping, parking great deal, pylon signage and substantially additional,” Bregman stated. “There is a large possibility to increase worth by backfilling the vacant Mattress, Bathtub & Outside of box and the place soon to be vacated by Social gathering Metropolis.”
In other modern retail bargains, a partnership led by Dania Seashore-based Taillard Cash paid $46 million for the Mall at 163rd Avenue in North Miami Seaside on Monday. Taillard and its associates approach to renovate the nearly vacant indoor mall.
In February, New York-based mostly genuine estate trader Avi Dishi and Miami-centered Elysee Investments obtained a grocery retail store-anchored procuring and place of work plaza in Aventura for $48 million. Dishi and Elysee bought Aventura Plaza, which is anchored by Ace Hardware and Plum Market place.
