The buyer is a partnership associated with Fort Lauderdale-based Stiles Corp. The seller, locally based Minto Communities, was represented by New York City-based DTZ Rockwood managing director John Bell, who is located in the firm's Miami office. Staubach Co. SVP Brad Peterson assisted Bell in the sale.
The property, which was 92% leased at the time of the sale, is located along a heavily traveled road. Across from the center is a future development site known as Creek Commons, which will bring an anticipated 2,700 residential units and potentially 1,300 hotel rooms, as well as a recreational center.
"The surrounding demographics are impressive and the opportunity to increase rents over the near term are significant," says Bell.
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