The Real Deal Miami

Stiles sells Fresh Market-anchored shops for $18M

Fresh Market, Spatch and Peri-Peri Grilled Chicken, and SunTrust are tenants
By Amanda Rabines | August 09, 2018 02:45PM

Enclave Shops at Coral Ridge and CIO at Stiles Rocco Ferrera

Stiles Corp. just sold its recently completed shopping center in Fort Lauderdale for $17.9 million to a South Florida investor, property records show.

Stiles sold the 35,725-square-foot property at 3860 and 3800-3848 North Federal Highway to EEP Enterprises, a company led by Eduardo Pelaez, co-owner of Weston-based FGI Realty. The Enclave Shops at Coral Ridge sold for about $500 per square foot.

It’s leased to The Fresh Market, a high-end grocery store, Spatch and Peri-Peri Grilled Chicken, and SunTrust Bank, which leases the 3,628-square-foot branch building at 3860 North Federal Highway.

Stiles paid about $6.3 million for the 3.6-acre development site in 2015 and completed the retail center in 2017, according to property records.

The Fort Lauderdale-based developer built the project as part of a joint venture with a group of investors led by the late auto dealer magnate Phil Smith. They also built the nearby 36-lot single-family residential community, The Enclave at Coral Ridge Country Club.

The two developments sit adjacent to the private Coral Ridge Country Club.