S
tiles, a Fort Lauderdale-based company, has acquired the Shoppes of Wilton Manors shopping center for $27.6 million. The property, located on Wilton Drive, was previously owned by an entity linked to Coconut Grove-based Grass River Property and Terra. Charlotte-based FCA Partners partnered with Stiles on the purchase. A $21.7 million loan from Synovus Bank financed the deal.

    The 78,600-square-foot retail center features a pair of one-story buildings completed in 1958 on a 5.4-acre site. Tenants include Pride Factory, Relax BodyWorks, and Tee Jay Thai Sushi. Grass River had previously planned to redevelop part of the property with an apartment building, but Stiles will not pursue this project.

    Instead, Stiles plans to renovate the shopping center starting next year, improving its façade, walkways, landscaping, and parking. This purchase is part of Stiles' value-add retail investment strategy. The company has developed over 52 million square feet across asset classes in the Southeast U.S. since its founding in 1951.

    Stiles has been active in South Florida's shopping center market this year, despite slower activity due to high interest rates. In July, the company sold an apartment building in Plantation for $133 million, and in March, it acquired a shopping center in Pompano Beach for $27.5 million.