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Stiles has completed the purchase of Shoppes of Wilton Manors, a neighborhood retail center in Florida’s Wilton Manors area, for $27.6 million. The acquisition was made in partnership with FCA Partners and funded by a $21.7 million mortgage from Synovus Bank.
The shopping center spans 77,746 square feet and is situated on 5.4 acres at 2262 Wilton Drive. It was previously owned by Grass River Property and Terra, who purchased it for $21 million in 2018.
A comprehensive renovation project is set to begin early next year with plans to upgrade the façade, walkways, landscaping and parking areas to transform the property into a Class A establishment.
Originally built in 1958 with an expansion added in 1985, this marks Stiles’ second time acquiring this property after previously owning it from 2004-2007.
Jorge Portela,Maurice Habif,and Danny Finkle of JLL represented the seller during negotiations.
With over five decades of experience developing office,residential industrial,recreational,and mixed-use projects throughout Southeastern United States.Stiles continues its commitment towards creating quality spaces totaling more than52million square feet .
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