Stiles Corporation picked up a Pompano Beach shopping center that will soon be anchored by a Publix store.
An affiliate of Fort Lauderdale-based Stiles paid $27.5 million for Shopper’s Haven at 3301 and 3371 North Federal Highway, and 3500 Northeast 16th Terrace, records show. Stiles, led by CEO Kenneth Stiles, also obtained a $36.4 million mortgage from First Horizon Bank.
The seller, an affiliate of Pompano Beach-based Partridge Equity Group, sold the 215,744-square-foot shopping center for 45 percent below its previous purchase price. In 2016, Partridge paid $50 million for Shopper’s Haven, at the time anchored by a Winn-Dixie store.
The Jacksonville-based grocer closed the store in 2019, published reports state.
Howard Bregman with Marcus & Millichap represented Partridge in the most recent deal, and landed Stiles as the buyer, a press release states. Sitting on 22.1 acres, Shopper’s Haven was completed in 1964 and underwent renovations in 1999, 2013 and again last year, the release states.
Dunkin’ Donuts, Outback Steakhouse, Michaels, YouFit, Bealls, and Walgreens are current tenants, but Party City is about to vacate a large space and another big box space was left empty by Bed, Bath & Beyond, the release states.
However, construction of a new Publix store in the 51,000-square-foot space previously occupied by Winn-Dixie is set to begin within a month, Bregman said in a statement. Publix signed a long-term lease in 2022, records show.
“The buyer plans to significantly improve the property with upgrades to the storefronts, façade, landscaping, parking lot, pylon signage and much more,” Bregman said. “There is a tremendous opportunity to add value by backfilling the vacant Bed, Bath & Beyond box and the space soon to be vacated by Party City.”
In other recent retail deals, a partnership led by Dania Beach-based Taillard Capital paid $46 million for the Mall at 163rd Street in North Miami Beach on Monday. Taillard and its partners plan to renovate the nearly vacant indoor mall.
In February, New York-based real estate investor Avi Dishi and Miami-based Elysee Investments acquired a grocery store-anchored shopping and office plaza in Aventura for $48 million. Dishi and Elysee bought Aventura Plaza, which is anchored by Ace Hardware and Plum Market.