Stiles announced today the company has completed the $44 million acquisition of a 45-acre site where it plans to build The Shops at Beacon Lakes.
“The 430,000-square-foot shopping center along Florida’s Turnpike just west of the Dolphin Mall is 90 percent leased, mostly with national tenants,” said Ryan Karlin, president of Stiles Retail Group. Karlin anticipates breaking ground in July and delivering the first buildings in the third quarter of 2019.
Tenants include Prologis and City Furniture, both of which were transacted under separate deals, as well as Home Depot, Michael’s, Ross Dress for Less, Five Below, a national sporting goods retailer and a national fitness center.
“Our focus a this point is to fill the remaining small bays with quality restaurants and retailers,” commented Karlin.
The Shops at Beacon Lakes will be just west of Florida’s Turnpike at the Northwest 12th Street ramp.
Karlin said this was an ideal site for retailers because it’s near both Florida’s Turnpike and the Dolphin Expressway/State Road 836. It’s also near the new Telemundo headquarters and a TopGolf that’s under construction.
Alan Esquenazi of CREC brokered the sale of the land for Prologis and is the leasing broker for Stiles at the Shops at Beacon Lakes. Stiles Construction is the general contractor for all of the projects except for the Home Depot store.