Stiles Property Management Announces Seven New Assignments Totaling 825,000 SF in South Florida
Posted on 8/21/2014Stiles Property Management, a division of full-service real estate development company Stiles, has been selected by Federal Realty Investment Trust ("FRIT") and another group of Latin American investors represented by Coral Gables based real estate attorney Alex D. Sirulnik to provide full property management services for seven new assignments totaling 825,476 square feet in South Florida. The new assignments comprise two growing Florida portfolios, for which Stiles has been selected as the management partner.
"We are very excited to have been selected by these new clients to manage their prominent Florida portfolios," said Chris Rotolo, President of Stiles Property Management. "We feel that these opportunities reflect the success of Stiles Property Management's service platform and its market presence in South Florida and throughout the state."
The FRIT portfolio consists of three large-scale retail properties comprising 677,769 square feet in highly visible locations with strong demographics. Tower Shops, the largest of the portfolio, is a regional retail destination center located at the intersection of South University Drive and I-595 in Davie. This property is well-positioned with a strong anchor tenant line-up that includes Ross, TJ Maxx, DSW, Michaels, Old Navy, Office Depot and Best Buy, as well as shadow-anchors Costco and Home Depot.
Del Mar Village is a 179,241-square-foot shopping center located at the intersection of West Palmetto Park Road and Powerline Road in Boca Raton. Tenants include Winn Dixie, Sweet Tomatoes and CVS, among many others. The smallest of the portfolio is Courtyard Shops at Wellington, a 129,697-square-foot Publix-anchored shopping center located at the intersection of Wellington Trace and Greenview Shores Blvd. in the highly affluent city of Wellington.
The Latin American investment group, which owns each property under a separate entity, has built a portfolio consisting of four retail properties and one office property totaling 147,707 square feet in various cities, namely Sunrise, Tamarac, Coral Springs, Palm Springs and Doral. According to Rotolo, Stiles developed this new relationship when they retained Stiles for property management services on the 40,000-square-foot Gateway at Sawgrass Plaza in Sunrise after purchasing the property in early 2014. They have since recognized Stiles as the ideal partner for property management services for their growing portfolio.
"This particular client continues to grow their Florida portfolio with several other acquisitions underway, including two that have closings pending, and we are very pleased to have the opportunity to help them create additional value with our programs aimed at enhancing the quality of properties while lowering overall operating expenses," commented Rotolo.
Stiles Property Management has assembled an award-winning, experienced management team of professionals with long-standing relationships in key markets throughout Florida. Recognized by the South Florida Business Journal as the second largest commercial property management firm in the region, the group currently manages a portfolio of more than 13 million square feet of award-winning commercial properties across the state. These include office, industrial/flex properties, retail shopping centers and corporate parks. Stiles Property Management was also recently recognized by the Daily Business Review as the Reader's Choice for best commercial property management firm in South Florida.
Stiles is a full-service commercial and multi-family real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Florida, Stiles also maintains regional offices in Miami, Palm Beach, Fort Myers, Tampa and Orlando, Florida, as well as Charlotte, North Carolina. Stiles is responsible for more than 40 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit http://www.stiles.com or call 954-627-9300.