Stiles Corp. now owns the entire 45-acre site where it plans to build the Shops at Beacon Lakes after closing a $44 million acquisition.
The 430,000-square-foot shopping center along Florida's Turnpike just west of the Dolphin Mall is 90 percent leased, mostly with national tenants, said Ryan Karlin, head of retail development at Fort Lauderdale-based Stiles. He anticipates breaking ground in July and delivering the first buildings in the third quarter of 2019.
In the latest deal, AMB Codina Beacon Lakes LLC, an affiliate of Prologis (NYSE: PLD), sold 42 acres to S/VIIB Beacon Lakes LLC, managed by Stiles. That follows an $8 million sale between the two parties a few weeks ago for the three-acre parcel where City Furniture will go.
Karlin said other tenants include Home Depot, Michael's, Ross Dress for Less, Five Below, a national sporting goods retailer and a national fitness center. With all of the big box spaces filled, Stiles is focusing on finding restaurants and small bay retail tenants, he said.
"The negative retail trend gets a lot of headlines but look at the sales from Home Depot and the strength of furniture," Karlin said. "I wouldn't say retail is dead as a whole. Miami-Dade County is proving that wrong."
Karlin said this was an ideal site for retailers because it's near both Florida's Turnpike and the Dolphin Expressway/State Road 836. It's also near the new Telemundo headquarters and a TopGolf that's under construction.
Alan Esquenazi of CREC brokered the sale of the land for Prologis and is the leasing broker for Stiles at the Shops at Beacon Lakes. He said the total $52 million paid for the land reflects the strong lease rates the developer has achieved for the project.
"Miami-Dade County is performing exceedingly well for many retailers," Esquenazi said. "This is a different kind of retail from the Dolphin Mall. We will attract mostly local residents and less tourists."
Stiles Corp. is the general contractor for all of the projects except for the Home Depot store.