The Real Deal Miami

Stiles buys Coral Landings for $14M

January 05, 2011 06:03AM

Stiles has paid $14 million for the Coral Landings III shopping center
in Coral Springs, just over a year after Wachovia won a $37.3 million
judgment against the property’s owner, MPG Terrapin. The
154,934-square-foot center was acquired in a note purchase and
foreclosure, Stiles announced. The site has an as-yet-unfinished second
phase, on which construction will resume when Stiles secures financing
from Wells Fargo. The second phase is 38,944 square feet and is slated
to hold a store from German grocer Aldi. Aldi
is in the midst of an expansion in South Florida
, having already
opened three locations in the region, including Deerfield Beach and
Lauderdale Lakes. Coral Landings’ first phase opened in 2008 and houses
Best Buy and a HomeGoods. [SFBJ]