Stiles Corporation Buys Pompano Beach Strip Mall for $28M
By Julia Echikson March 11, 2024 4:47 pm
reprints
A shopping center in Pompano Beach, Fla., sold last week for more than $20 million less than it previously traded for eight years ago.
Stiles Corporation paid $27.5 million for Shopper’s Haven, a 215,744-square-foot strip mall located between 3301 and 3571 North Federal Highway in an area known as Lighthouse Point, property records show.
The seller, Partridge Equity Group, had purchased the property, which sits on 22 acres, for $50 million in 2016, per property records. Last year, the Pompano Beach-based investor spent at least $160,000 on interior renovations.
In 2022, Publix had signed a 51,000-square-foot lease for a vacant retail space at the shopping center, according to Broward County filings, but those plans appear to have fallen through. The chain operates a location across the street at the Venetian Isle Shopping Center.
Current tenants include Party City, Dunkin’ Donuts, Michaels, YouFit, Bealls and Walgreens. Outback Steakhouse opened a 6,953-square-foot restaurant in 2022.
The new, Fort Lauderdale-based owner will likely renovate the property that was built in 1964. First Horizon Bank provided a $36.43 million acquisition loan, which is about $10 million more than the value of the sale price.
Representatives for Stiles and Partridge Equity Group did not immediately respond to requests for comment
The Broward County retail market remained stable at the close of 2023 with a vacancy rate of 3.7 percent, according to data from Colliers. The figure is in line with the vacancy rate at the beginning of 2023, even as 293,000 square feet of new supply came online throughout the year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
