WILTON MANORS, FL-Poverello Center, a nonprofit food bank and thrift store, renewed its lease for 15,7000 sf at Shoppes at Wilton Manors, the 73,349-sf, two-building retail center at the intersection of Wilton Drive and NE Sixth Avenue. With this five-year renewal, Shoppes at Wilton Manors is 100% leased.
Poverello Center, which has been in operation for more than 20 years, sells new and used items donated by the community and serves up to 6,000 men, women and children living with HIV/AIDS. Tom Smith, CFO, says the center chose to stay at this location "because Wilton Manors is a generous community and continues to be instrumental in keeping the store extremely busy and successful." It operates with eight employees and approximately 70 volunteers.
Ryan Karlin of Fort Lauderdale-based Stiles Retail Group represented the owner, Stiles BLP, a Stiles partnership, in the transaction. Terms of the lease were undisclosed. According to a South Florida 2005 retail report from the area office of CB Richard Ellis, the average asking retail rental rate in this area of Broward County was $16.26 per sf at year-end 2004 and rising rapidly. Newly constructed shopping centers in Broward are commanding rates of between $20 per sf and more than $30 per sf.
Stiles acquired Shoppes at Wilton Manors in August 2004 for $10.4 million. Since then Mainstream Gym inked a lease for 13,369 sf. Other tenants are a mix of neighborhood restaurants and shops in a pedestrian-friendly environment.
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