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FORT LAUDERDALE, FL-Stiles Corp. has made a pre-sale arrangement with Prudential Real Estate Investors, whereby Prudential would, on behalf of its investors, buy five shopping centers Stiles is developing in Florida. Stiles did not disclose the terms of the deals, but they are estimated to be worth $50 million to $55 million combined, according to industry sources.

The sale includes Park View Square, West Creek Commons, Heathbrook Commons Shopping Center, St. Johns Commons Shopping Center and Deerwood Commons.

Park View Square is a 75,000-sf center located at the northeast corner of Miramar Parkway and Southwest 172nd Avenue in Miramar, anchored by Winn-Dixie. The center’s owner is Park View Square Ltd., a Stiles partnership. Construction began in June 2002.

West Creek Commons is a 58,549-sf center at 4650 W. Hillsboro Blvd. in Coconut Creek, anchored by Publix. Construction on this center began in April 2002 and was finished in June. The property owner is West Creek Commons Ltd., a Stiles Partnership.

Additionally, Heathbrook Commons Shopping Center is an 80,000-sf center at 5400 S.E. College Rd. in Ocala, anchored by Publix; St. Johns Commons Shopping Center is a 75,000-sf center at 2220 County Road 210 West in Jacksonville, anchored by Winn-Dixie; and Deerwood Commons is a 67,521-sf center at 4320 Deerwood Lake Parkway in Jacksonville, anchored by Publix.

The sales will close as the shopping centers are finished. The pre-sale arrangement means Prudential won’t own the centers until they are completed. All the deals will be closing within a few months, except Park View, which is expected to close in late 2004. The first one to close was Heathbrook Commons.

“We initially intended to develop these properties in a joint-venture format with an institutional investor,” Doug Eagon, president of Stiles Corp., says in a statement. “However, the Prudential pre-sale arrangement is more beneficial for all parties. This transaction provides a source of equity as we expand our business statewide.”

After the sales, Stiles will continue to manage and lease the shopping centers.

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