Shopper's Haven
Update
03/14/24
Stiles Acquires Shopping Center in Pompano Beach
We are excited to announce the details of our latest $30M #acquisition of Shopper’s Haven, a 204,231-square-foot grocery-anchored #retail center in Pompano Beach, Florida. Stiles partnered with Charlotte-based FCA Partners on the deal.
“This property represents the first acquisition in our target strategy, which is engaged in acquiring mid- to large-size retail centers in prime locations with significant value-add and repositioning opportunities,” noted Benjamin Boies, Director of Stiles Acquisitions.
Redevelopment plans include building a new ground-up Publix Supermarket to replace the center’s current vacant anchor as well as renovating and improving the façade, walkways, landscaping and parking areas. Stiles will utilize several of its integrated real estate services, including development, property management and leasing, to execute the transformation. Construction is expected to take 15 months.
“We are very excited to partner with a great firm like Stiles to acquire and reposition a property with significant immediate upside and long-term potential in such a high barrier to entry location in South Florida,” said Win Kelly, FCA Partners Principal and Director of Acquisitions.
Originally developed in 1964, the center is well-situated at 3301 – 3573 N. Federal Highway at the highly trafficked intersection of US 1 and Sample Road at the entry of the Lighthouse Point neighborhood. Howard Bregman of Marcus & Millichap represented the seller, Partridge Equity Group. First Horizon Bank provided financing for both the acquisition and redevelopment plan.
Photo: Stiles
