FT. LAUDERDALE, FL-Stiles has acquired Coral Landings III, a 154,934-square-foot shopping center in Coral Springs, for $14 million. Stiles obtained the property via a note purchase and then foreclosure and plans to immediately secure construction financing from Wells Fargo for redevelopment.

The first phase of Coral Landings III, which was completed in 2008, encompasses 115,990 square feet of retail space. The second phase, which is partially constructed, is 38,944 square feet with three new available outparcels. Currently, Stiles is leasing the retail center, which is anchored by Best Buy, HomeGoods and Jo-Ann Fabrics.

The company will resume construction of the 38,944-square-foot second phase, which plans to include a new 18,300-square-foot ALDI grocery store and is set on fast-track construction for delivery in the fourth quarter 2011. ALDI is one of the nation’s fastest growing grocery retailers with more than 1,000 stores across the United States.