Fort Lauderdale-based Stiles announced today it closed on the $30 million purchase of Shopper’s Haven, a 204,231-square-foot grocery-anchored retail center in Pompano Beach, Florida. Stiles partnered with Charlotte-based FCA Partners on the acquisition.
The property was acquired as part of Stiles’ new acquisitions strategy, which targets value-add retail properties in Florida. An extensive renovation is scheduled to begin within the next 30 days.
Originally developed in 1964, the center is well-situated at 3301 – 3573 N. Federal Highway at the highly trafficked intersection of US 1 and Sample Road at the entry of the Lighthouse Point neighborhood. Howard Bregman of Marcus & Millichap represented the seller, Partridge Equity Group. First Horizon Bank provided financing for both the acquisition and redevelopment plan.
“This property represents the first acquisition in our target strategy, which is engaged in acquiring mid- to large-size retail centers in prime locations with significant value-add and repositioning opportunities,” noted Ben Boies, Director of Stiles Acquisitions. “With the outstanding quality of the location and current tenant roster, Shopper’s Haven has all the right characteristics to become a premium retail property. Our improvement plan will create a higher quality shopping experience with a more curated mix of restaurants and retailers that will better meet the needs of the growing submarket.”
The 86-percent-leased center is occupied by a mix of national and local retailers, including Walgreens, Outback Steakhouse, Dunkin’, Xfinity, Leslie’s Pool Supplies, Michael’s, Bealls, YouFit, and Domino’s. In addition, there are vacancies remaining that will allow for new-to-market tenants to occupy and benefit from the newly improved property.
Redevelopment plans include building a new ground-up Publix Supermarket to replace the center’s current vacant anchor as well as renovating and improving the façade, walkways, landscaping and parking areas. Stiles will utilize several of its integrated real estate services, including development, property management and leasing, to execute the transformation. Construction is expected to take 15 months.
“We are very excited to partner with a great firm like Stiles to acquire and reposition a property with significant immediate upside and long-term potential in such a high barrier to entry location in South Florida,” said Win Kelly, FCA Partners Principal and Director of Acquisitions.
“Shopper’s Haven is a great example of how the Stiles platform works,” continued Boies. “We’re able to leverage our in-house services and development expertise to transition the property into a Class A retail asset.”
About Stiles
Established in 1951, Stiles is a full-service real estate development firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. The company is responsible for more than 52 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, West Palm Beach, Naples/Fort Myers, and Orlando, Florida, as well as a development office in Charlotte, North Carolina. Learn more about Stiles at www.stiles.com.
About FCA Partners
Charlotte, NC-based FCA Partners is a real estate investment management company that pursues commercial real estate investment opportunities in high-growth markets on behalf of institutional capital. Currently, the firm manages a $2.4 billion portfolio of retail, office and multi-family assets across 14 states concentrated in the Southeast. FCA seeks to create value on behalf of their clients through the thoughtful deployment of capital and aggressive, hands-on asset management of real assets. More information is available at fcapartners.com.