Stiles Corp. has recently acquired The Shopper’s Haven retail center in Pompano Beach for $27.5 million, a significant discount of $22 million from its previous purchase price. According to the S. Florida Business Journal, Partridge Equity Group had purchased the 215,000-square-foot property in 2016 for $50 million with financing secured by First Horizon Bank.
Plans are underway to develop a new Publix on the site as the current anchor tenant building sits vacant. In 2022, Publix signed a lease for over 50,000 square feet of space at this location which currently houses popular retailers such as Party City, Dunkin’ Donuts and Outback Steakhouse along with other tenants like Michaels and Walgreens.
The history of Shopper’s Haven dates back to its construction on a sprawling 22-acre plot in1964. Over time it has become an integral part of Pompano Beach’s growing community which saw an impressive population growth rate of11.5 percent between2010 and2020 reachinga total resident countof111348as per July2021 data.Following years of meticulous planning,Fortune International Groupand Oak Capital finally unveiled their much-awaited project – The Ritz-Carlton Residences,PompanoBeach- last December.
This recent development marks yet another milestoneforPompanoBeach Retail Center Owner who tooka40% hitonthe valueoftheirproperty but now stands poisedto capitalizeonthe city’s thriving real estate market without any mentionof Connect or Connect CREorConnect LA.
