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

Originally constructed in the 1950s, the center is located inarea just north of Downtown Fort Lauderdale in a dense, in-filltrade area. According to GlobeSt.com records, Stiles acquiredShoppes of WiltonManors in 2004 from Miami-based S&K Worldwide Realtyfor $10.4 million, or $141.79 per sf. "Stiles was able to driverents higher and achieve significant income growth," Carsonsays.

Carson adds that Gables is developing an apartment complex nearthe property, which may still be suitable for future redevelopment."It's right in the middle of the arts and entertainment districtwhich is undergoing change," he says.