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.

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

Rivercrest Realty Investors principal/owner Jonathan Gaines says the acquisition is part of the company's broader strategy to increase holdings in the Southeast. "Our goal is to continue to enlarge our real estate holdings throughout the Southeast and we continue to look for acquisition opportunities," Gaines says.

Instant Insights /

$17M Retail Buy Pushes Rivercrest's SE Plan

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