Miami-based Courtelis Co. plans to build a Wal-Mart-anchored shopping center on 6.9 acres in southern Miami-Dade County.
CTP Landowner, an affiliate of Courtelis, acquired the 6.9-acre site at 14325 Southwest 268 Street in Naranja for $4.5 million.
Wal-Mart signed a 20-year ground lease for the land, which has been approved for 57,000 square feet of retail development.
Courtelis, led by CEO W. Douglas Pitts Sr., plans to build a shopping center there with a Wal-Mart Neighborhood Market spanning 41,952 square feet, plus another 15,018 square feet of store space for other retailers.
The site of the planned shopping center, which would be called Coral Town Plaza, is near the construction site of an apartment property called Coral Town Park. [South Florida Business Journal] – Mike Seemuth