(For more retail coverage, click GlobeSt.com/RETAIL.)

DAVIE, FL-A 185,000-sf SuperTarget has opened at Lakeside Town Shops, a 275,000-sf community shopping center at Stirling Road and University Drive under development by Fort Lauderdale-based Stiles Retail Group. With the addition of eight recent leases for an aggregate of 16,139 sf, the center is 91% leased, "and agreements now out for signature will take leasing to 94%," Robert Breslau, president of Stiles Retail, tells GlobeSt.com. The center's grand opening is scheduled for February 2006.

The land initially included six outparcels. Four, each approximately an acre, have been or are in the process of being purchased by Panda Express, Wachovia, Eastern Financial Credit Union and Steak 'n Shake, Breslau says. Stiles took the other two outparcels off the market. It immediately added 10,000 sf of retail to its original plan, and is now obtaining approvals to construct approximately 12,500 sf of additional retail on the other. "Two national restaurants will occupy that space," Breslau says, declining to identify them yet.

Lakeside occupies a 41-acre parcel. Excluding the Target building, Breslau says Stiles' construction cost is $23.2 million. Retail rental rates, he says, "range from $24 per sf to $32 per sf. It's a strong market."

The second anchor is a 20,000-sf Office Max, and Crispers leased 5,625 sf. The newest additional tenants are: Mattress Giant, 123 Fit, Lakeside Jewelry Exchange, Imagine Orthodontics, Secrets of Brazil, the Great Frame Up, Accord Insurance Network, and My Pet's Place. They join, among others, Pomodoro Ristorante, Payless ShoeSource, Electronics Boutique, Quiznos, Creative Hairdressers, Diamond Nails and Ocean Breeze Cleaners. Ryan Karlin of Stiles represents the owner in lease negotiations.

Other Stiles retail projects in Florida include Arbor Square at Connerton in Pasco County, the East Sunrise Boulevard Publix in Fort Lauderdale, and Harbor Shops in Fort Lauderdale's 17th Street Causeway area.

In an unrelated transaction, a partnership led by the retail group's parent company, Stiles Corp., acquired a 31.9-acre site at Sunrise Boulevard and NW 136th Avenue in Sunrise from America's Capital Partners for an undisclosed price. It is adjacent to the 63-acre Sawgrass Technology Park, also owned by a Stiles' partnership, and entitled for 600,000 sf of office space. A spokeswoman for Doug Eagon, president of Stiles Corp., says, "it's too early to know exactly what will be done with the land."

Instant Insights /

SuperTarget Opens at 275,000-SF Lakeside Town Shops

Related Stories

Recommended For You