FORT LAUDERDALE, FL-In a positive sign for the construction and retail markets, Stiles is developing a 50,000-square-foot build-to-suit flagship store for West Marine, the biggest specialty retailer of boating supplies and accessories.
West Marine signed a long-term lease with Stiles for the space, which will be the company’s largest boating store to date. Wells Fargo provided construction financing for the project on land Stiles acquired in January.
“This project is an example of successful retailers wanting to expand their businesses in well-located urban infill locations,” Doug Eagon, president of Stiles, tells GlobeSt.com. “We currently have two other retail development projects under construction. We are also working with several national retailers for free standing sites or co-tenants in centers with anticipated late 2012 and 2013 store openings.”
Stiles broke ground on West Marine project in February and plans to wrap up in the fourth quarter of 2011. West Marine will relocate its Fort Lauderdale store from its present 25,000-square-foot facility at 2300 South Federal Highway to this new location at 2401 South Andrews Ave.
The West Marine project is an example of Stiles executing on its business strategy to actively acquire land for development, retail centers and office buildings throughout Florida. For example, Stiles Financial Services arranged financing for the project. Stiles Real Estate Investment Services procured the land and the tenant commitment.
Meanwhile, Stiles Development was responsible for obtaining governmental approvals and coordinating all aspects of the project and will oversee its completion, while Stiles Construction serves as the project's general contractor. The store has been designed by Bergmeyer Associates Inc. in conjunction with West Marine's Visual Merchandise and Store Design team as well as Stiles Architectural Group, who is serving as the architect of record.
“This project offers Stiles a rare opportunity to invest in and develop a superior quality retail store with a significant long-term tenant in an excellent location where we already have a track record for success,” says Robert Breslau, president of Stiles Real Estate Investment Services. “West Marine has built a strong presence not only in this city, but also throughout the country, and we believe this new superstore will further establish Fort Lauderdale as the yachting capital of the world.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.