AEW Capital Management Acquires Property From Stiles Corporation For $108 Million In Miami

The Shops at Beacon Lakes is a large-scale, super-regional shopping center development situated at 1700 NW 117th Pl, Miami, FL, 33182, within the Miami market. The property has been sold for $108,000,000.00 and encompasses a total area of 417,248 square feet.

Summary of transaction details:

• Property Type: Shopping Center
• Transaction Amount: $108,000,000.00
• Seller: Stiles Corporation
• Buyer's Representative: AEW Capital Management
• Seller's Representative: Eric Williams - JLL
• Financing Amount: $43.5 million
• Development Year: 2020
• Lease Status: Fully leased
• Property Size: 417,248 square feet
• Site Area: 33.82 acres
• Location Exposure: More than 124,000 vehicles per day
• Main Retailers: The Home Depot, City Furniture/Ashley Furniture, Dick’s Sporting Goods, Ross Dress for Less, Michaels, Five Below, 24-Nour Fitness
• Outparcel Pads: Leased to Panda Express, Jersey’s Mike’s, Burger Fi, Encore Nails
• Primary Trade Area: 869,856 residents, $17.66 billion buying power

The JLL Capital Markets team played a significant role in facilitating the transaction, with Danny Finkle, Alex Sharrin, and Eric Williams representing the seller. Paul Stasaitis also represented the buyer in securing financing through PGIM Real Estate. Ryan Karlin, President of Stiles Retail Group, highlighted the location's potential for a flagship retail development, showing high demand with a 90 percent lease-up before construction began.