The Real Deal Miami

Stiles sells Fort Lauderdale store to Publix for $22.5M

Land last sold for $6.4M in August 2003

April 13, 2015 05:15PM
By Katherine Kallergis

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Publix paid $22.5 million for the store at 1415 East Sunrise Boulevard

Fort Lauderdale-based Stiles sold a Publix store to the supermarket chain, according to a deed recorded in Broward County records on Monday.

An affiliate of the real estate company sold the 3.5-acre property to Publix Supermarkets for $22.5 million — three and a half times its last sale price in August 2003.

The store, built in 2004, is located at 1415 East Sunrise Boulevard in Fort Lauderdale. It includes a paved parking lot that fronts East Sunrise Boulevard.

Stiles is a real estate development firm with offices in Miami, Fort Myers, Tampa, Orlando and Charlotte, North Carolina. Stiles’ South Florida developments have included The Pointe in Palm Beach Gardens, Biscayne18 in Miami and Coral Landings in Coral Springs and Margate. The company sold a portion of its Coral Springs and Margate portfolio for $34 million in February. That sale included a Best Buy and Home Goods.

Chairman and CEO Terry Stiles signed the deed.

In March, Publix announced that it would invest $1.3 billion in new store construction, remodeling, technology and real estate in 2015.