Pre-Sale Deal Gives Prudential Five Shopping Centers

FORT LAUDERDALE, FL-Stiles Corp. has made a pre-sale arrangement with Prudential Real Estate Investors, whereby Prudential would, on behalf of its investors, buy five shopping centers Stiles is developing in Florida. Stiles did not disclose the terms of the deals, but they are estimated to be worth $50 million to $55 million combined, according to industry sources.

The sale includes Park View Square, West Creek Commons, Heathbrook Commons Shopping Center, St. Johns Commons Shopping Center and Deerwood Commons.

Park View Square is a 75,000-sf center located at the northeast corner of Miramar Parkway and Southwest 172nd Avenue in Miramar, anchored by Winn-Dixie. The center’s owner is Park View Square Ltd., a Stiles partnership. Construction began in June 2002.