X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WILTON MANORS, FL-Raleigh, NC-based Rivercrest Realty Investors has acquired the 73,196-sf Shoppes of Wilton Manors at the intersection of Wilton Drive and Northeast Sixth Avenue for $16.6 million. The property was 100% occupied at the time of the sale, with tenants including Mainstreet Gym and Georgie’s Alibi.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.