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The Real Deal Miami

Stiles closes $6.8 million sale of former City Furniture locations

October 21, 2011 08:24AM

Stiles Realty has closed on the sales of two former City Furniture
locations for a total of $6.8 million. The furniture retailer opened a
new location in Boca Raton earlier this year and closed four smaller
locations as part of a reconfiguration of its network. Stiles
represented property owner Advanced Business Associates, whose
principals include City Furniture President Keith Koenig. “We’re seeing
retail and industrial demand strengthen in Broward and Palm Beach
counties,” said Ryan Karlin, vice president of retail sales for Stiles
Realty. Spring Holdings purchased the 58,811-square-foot former City
Furniture showroom in Pompano Beach for $3.52 million, and Lantana
Holdings recently closed on the $3.3 million purchase of a
44,000-square-foot location in Lantana. — Alexander Britell