Stiles Acquires Discounted Pompano Beach for $27.5M Eyeing Publix as Anchor

An affiliate of Stiles Corp. has purchased the Shopper’s Haven retail center in Pompano Beach for $27.5 million, as per county records. The property spans 215,744 square feet and includes multiple addresses on North Federal Highway and Northeast 16th Terrace.

New Publix Store Possible

The shopping center, previously owned by W4C LLC and NH 13 LLC, both managed by Chris Partridge of Partridge Equity Group, was sold to Shoppers Haven Property Owner LLC, an affiliate of Stiles Corp. The transaction included a $36.43 million mortgage from First Horizon Bank. Notably, this sale marks a significant decrease in value compared to its 2016 transaction price of $50 million. Plans for a new Publix store have been discussed for the main anchor space, which is presently vacant.

Historical and Current Tenants

Shopper’s Haven, constructed in 1964 on a 22.1-acre site, has hosted various tenants over the years, including Party City, Dunkin' Donuts, Outback Steakhouse, Michaels, YouFit, Bealls, and Walgreens. Publix signed a lease for approximately 51,000 square feet of space in 2022, as indicated in county records. However, officials from Stiles Corp. were not available for comment on the recent acquisition.

Market Trends and Outlook

The acquisition comes amidst a surge in multifamily development in Pompano Beach, making it an increasingly attractive market for retailers. This trend could potentially enhance the value and appeal of properties like Shopper’s Haven in the area.