Stiles sells Publix-anchored plaza near Boynton for $41M

Stiles Corporation sold a Publix-anchored shopping plaza near Boynton Beach for $41 million. 

Real estate investor Yevgeniy Yermakov, through an affiliate, bought the nearly 80,000-square-foot Shoppes at Village of Golf at 11300 South Military Trail, according to records and real estate database Vizzda. The property is in the small Village of Golf. 

The seller had paid $6.9 million for the 17.4-acre development site in 2019, and completed the shopping plaza in 2021, property records show. The deal does not include a pair of adjacent lots that span 2.4 acres, combined, that Stiles has entitled for a nearly 17,000-square-foot commercial project, according to filings to Broward County. 

Stiles, a family-founded and operated firm based in Fort Lauderdale, has been both a prolific investor and developer in South Florida commercial real estate. Its marquee projects include the 1.4 million-square-foot mixed-use The Main Las Olas in downtown Fort Lauderdale, which Stiles completed in 2021 in partnership with Shorenstein. Stiles is led by Ken Stiles. 

Stiles went on a selling spree in 2021, when it sold a Palm Beach Gardens office complex at 3300 PGA Boulevard for $30.6 million, and the Sunrise Corporate Plaza office building at 1300 Sawgrass Corporate Parkway in Sunrise for $25 million. 

Yermakov has had some past South Florida investments. In 2015, an entity tied to Yermakov paid $7.1 million for a commercial property at 900 Southeast 17th Street in Fort Lauderdale. 

South Florida’s retail market continued on an upward trajectory in the fourth quarter. In Palm Beach County, the retail vacancy rate dropped to 3.5 percent, from 4.6 percent, year-over-year, according to Collierss. Retail net absorption in the fourth quarter was 82,400 square feet, ending the year with nearly 1 million square feet absorbed, or the highest amount since 2016.