Monday, January 10, 2011
Fort Lauderdale, Florida - We are in the Sunshine State this afternoon for Net Lease Properties news. A premier retail shopping center has been acquired. This Coral Landings III retail shopping center was acquired by Stiles, for $14 million. The net lease property is approximately 154,936 square-feet and located in Coral Springs, Florida. Coral Springs is a western suburb of Fort Lauderdale, in Broward County, Florida. Some reports have a new 18,300-square-foot ALDI Grocery Store coming soon. If you are purchasing triple net lease properties consider that ALDI is one of the nation’s fastest growing grocery retailers. ALDI Grocery has more than 1,000 stores across the United States. Stiles recently acquired this retail shopping center and should be completing Phase II for a later 2011 completion. The existing portion of this retail shopping center is anchored by Best Buy, Home Goods, and Joann Fabrics & Crafts.
The Fort Lauderdale-based Stiles Company acquired this net leased property with an ingenious fashion. Stiles purchased a commercial mortgage note and then foreclosed on the previous Commercial Property Owners. It appears Stile will seek construction financing from Commercial Mortgage Lenders and get to work. Stiles will use all of their in-house commercial real estate services for this project. Stiles will use their own Stiles Construction, Stiles Realty, and will be managed by Stiles Property Management.
This Retail Shopping Center in an unbelievable retail opportunity in the western Fort Lauderdale suburb. The location is prime with access near Sample Rd & US Hwy 441. This dynamic intersection in the Coral Springs submarket with Lowes, Wal-Mart Supercenter, Target, Publix, and Office Depot helps send retail foot traffic to this retail shopping center. Some other Retail anchor tenants on nearby commercial real estate are Penn Dutch, Toys “R” Us, Babies “R” Us and a Winn Dixie Grocery Store.
The first portion of this net leased property, Coral Landings III, was completed in 2008, while the second phase, is partially constructed. The second phase that should be receiving Construction Financing, is 38,944 square feet will have three new available outparcels.
Stiles is one of South Florida’s premier provider of commercial real estate services. Stiles has an award-winning Commercial Property Investment portfolio. This Commercial Property Investment portfolio contains high-quality office Buildings, industrial property, retail triple net lease properties and mixed-use properties. Stiles' Commercial Property Investment portfolio is situated throughout Florida and the southeastern United States.
Stiles has been an industry leader since 1951. Stiles’ long-standing commitment to high quality performance has earned the company a distinguished list of repeat clients and joint venture partners, including H. Wayne Huizenga, Tribune Company of Chicago and TIAA-CREF. Stiles is Headquartered in Fort Lauderdale, Florida, and has regional offices in Miami Beach, Tampa Bay, Fort Myers, and Orlando, Florida.
We have NNN Commercial Real Estate Buyers who like retail, and possible 1031 Exchange property solutions. Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.
If you need financing for NNN Commercial Real Estate or Sale-Leaseback financing, you can apply for Commercial Loans at Loanrise.com.
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