Starbucks and The Cape's First Chipotle to Open at Coralwood Center in Cape Coral
Posted on 4/7/2016Stiles Realty, a division of Fort Lauderdale-based full-service real estate firm Stiles, announced today that Starbucks and Chipotle will open at Coralwood Center in Cape Coral, FL. This opening marks Chipotle's entry into the Cape Coral market.
Both tenants will take up residence at the 6,038-square-foot out parcel, which is currently under development with an expected completion of Fall 2016. Memphis-based Lenny's Sub Shop has also recently joined the tenant roster and is currently under construction with an expected opening in summer 2016. Lenny's operates about 110 restaurants in the southeastern region of the United States with the majority independently owned and operated franchises.
Stiles Realty Vice President Jill Gull represented the ownership, Stiles and GRE Coralwood, L.P., in the transactions. LandQwest Commercial Senior Director Michael Daly represented Starbucks and SRS Real Estate Partners Senior Vice President Michael Weiss represented Chipotle.
"Coralwood is quickly transforming into one of the area's highest quality shopping centers with a wide range of new and exciting offerings with the recently opened HomeGoods, ULTA and Beall's Outlet expansion" said Gull. "The addition of Starbucks and Chipotle will create even more foot traffic throughout the center, not to mention great dining options for patrons."
According to Gull, Coralwood Center is attracting high quality national tenants due to its centralized location at the intersection of Del Prado Blvd and Veteran's Parkway. This intersection provides exposure to the highest average daily traffic counts in Cape Coral at 115,500 cars per day.
Starbucks currently serves an average of 40 million customers per week, making them the largest coffeehouse company in the world. The company has opened an average of two new locations daily since 1987. Chipotle was one of the first chains to incorporate the "fast casual" dining method. According to the company's website, Chipotle emphasizes naturally-grown ingredients and serves more naturally raised meats than any other restaurant chain. In 2015, they officially switched to serving food made only with non-GMO ingredients. Chipotle specializes in tacos and mission burritos, which are distinguished from other burritos by their large size and inclusion of extra rice.
Located at 2301 South Del Prado Blvd., the 349,205-square-foot center offers a variety of shops, dining options, fitness services and entertainment. The plaza is 73 percent leased and include Ulta, Bealls Outlet, LA Fitness, JC Penny and the newly opened HomeGoods. For more information, visit www.coralwoodcenter.com.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, architecture, property management, leasing and brokerage, tenant project management, acquisitions and real estate fund management. The company is responsible for more than 43 million square feet of office, residential, industrial, retail and mixed-use projects throughout Florida, North Carolina and Tennessee. In addition to its core services, the company manages the Stiles Property Fund, a discretionary value-added real estate fund focused on existing distressed office and retail real estate in Florida. Headquartered in Fort Lauderdale, Stiles maintains offices in Miami, West Palm Beach, Naples/Fort Myers, and Orlando, Florida, as well as a development office in Charlotte, North Carolina. Learn more about Stiles at www.stiles.com.