CB Richard Ellis investment properties group first VP David Donnellan, VP William Strauss, first VP Richard Tarquinio and associate Todd Weintraub were the sole brokers in the transaction and represented the seller. Donnellan tells GlobeSt.com that Stiles developed the property in 1998. "(Stiles) felt it was the right time to sell to maximize the value of the property," he says.
The property will be anchored by a new Wal-Mart Neighborhood Market, in a space formerly occupied by Winn Dixie. Wal-Mart launched the neighborhood market chain of stores, designed to be smaller shopping alternatives to large superstores, in 1998. The North Hills Square location will be the second Wal-Mart Neighborhood Market in South Florida. The property was 100% occupied at the time of the sale.
"North Hills Square is located at a great intersection with a more affluent customer base," Donnellan says.
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