Redevelopment Draws National Tenants to Coralwood Center; HomeGoods and Ulta Join as Anchors
Posted on 2/11/2015Stiles Realty, a division of Fort Lauderdale-based full-service real estate firm Stiles, announced 57,829 square feet of leasing activity at Coralwood Center, one of the largest power centers in Cape Coral, Florida. National retailers HomeGoods and Ulta signed new leases totaling 33,819 square feet in Q4 2014. At the same time, anchor tenant Bealls Outlet has signed a lease to expand into a new 24,010-square-foot store, increasing the center's occupancy by 20 percent to 81%.
Stiles Realty's vice president, Ryan Karlin, and director of Real Estate, Jill Gull, represented the owner, GRE Coralwood, L.P., in the transactions. According to Karlin, the new tenants were attracted to the center's impressive tenant roster and central location. "Coralwood is an excellent option for tenants seeking a quality center in the growing Fort Myers-Cape Coral market." said Karlin. "The addition of HomeGoods and Ulta as well as the expansion of Bealls Outlet further solidifies Coralwood Center as the dominant power center in Cape Coral."
The redevelopment of the center will take place over the course of 2015 and includes demising a larger anchor space formerly occupied by Sears to accommodate HomeGoods and Ulta. Plans also include a modernization of the facades and addition of pathways and signage throughout to improve the customer experience. Project completion is slated for Q4 2015.
"We are encouraged by the leasing momentum at Coralwood Center now that the redevelopment is underway," commented Karlin. "By redeveloping the former Sears space, ownership will bring more diverse and desirable options to the center. We are seeing significant interest from national and regional brands who aim to capitalize on the strong tenant roster and exceptional location at the highest traffic intersection in Cape Coral."
Located at 2301 Del Prado Boulevard at the Veterans Parkway intersection, the 343,000-square-foot Coralwood Center offers a variety of shops, dining options, services and entertainment, including JCPenney, Marquee Cinemas, LA Fitness, Bealls, Hallmark and GNC. The center has anchor space, inline space and outparcels available for lease. For more information, visit www.coralwoodcenter.com.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 40 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.