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Stiles buys Coral Landings for $14M
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]