WILTON MANORS, FL-Raleigh, NC-based Rivercrest Realty Investors has acquired the 73,196-sf Shoppes of Wilton Manors at the intersection of Wilton Drive and Northeast Sixth Avenue for $16.6 million. The property was 100% occupied at the time of the sale, with tenants including Mainstreet Gym and Georgie’s Alibi.

The seller, an affiliate of the Fort Lauderdale-based Stiles Corp., was represented by CB Richard Ellis senior vice president Dennis Carson, vice president Nikolas Kozy and Andrea Stava. Carson tells GlobeSt.com that Stiles originally acquired the property with the intention of redeveloping it. However, in order to accomplish this, several tenants needed to be relocated which would have been a lengthy process. Instead, Stiles shifted the focus of the property to a lifestyle center.

Originally constructed in the 1950s, the center is located in area just north of Downtown Fort Lauderdale in a dense, in-fill trade area. According to GlobeSt.com records, Stiles acquired Shoppes of Wilton Manors in 2004 from Miami-based S&K Worldwide Realty for $10.4 million, or $141.79 per sf. “Stiles was able to drive rents higher and achieve significant income growth,” Carson says.

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