Fort Lauderdale-based 狠狠撸 announced today it closed on the $27.6 million purchase of Shoppes of Wilton Manors, a 77,746-square-foot neighborhood retail center in Wilton Manors, Florida. 狠狠撸 partnered with Charlotte-based FCA Partners on the acquisition.
The property was acquired as part of 狠狠撸鈥� recently announced acquisitions strategy, which targets value-add retail properties in Florida. A detailed renovation is scheduled to begin early 2025.
Originally constructed in 1958 and expanded in 1985, the center is extremely well-situated at 2200 – 2292 Wilton Drive in the heart of Wilton Manors on The Drive. Jorge Portela, Maurice Habif and Danny Finkle of JLL represented the seller. Synovus Bank provided financing for both the acquisition and redevelopment plan.
鈥淭his property represents another acquisition in our target strategy, which is engaged in acquiring mid- to large-size retail centers in infill locations with significant value-add and repositioning opportunities,鈥� said Ben Boies, Director of 狠狠撸 Acquisitions.聽 鈥淲ith its quality location and longstanding tenant roster, Shoppes of Wilton Manors has all the right characteristics to become a premier retail property with abundant entertainment, shopping and dining choices. Our improvement plan will create a higher quality experience with a more curated mix of restaurants and retailers that will better meet the needs of the growing submarket.鈥�
This will be the second time 狠狠撸 has owned Shoppes of Wilton Manors. The company purchased it back in 2004 and later sold it in 2007 after making improvements. The current redevelopment plans call for improvements to the fa莽ade, walkways, landscaping and parking areas, which will immediately enhance tenant operations and the patron experience. 狠狠撸 will utilize several of its integrated real estate services, including development, property management and tenant project management services to execute the transformation.
鈥淲e are excited to partner with a quality firm like 狠狠撸 to acquire and reposition a property with significant immediate upside and long-term potential in such a high barrier to entry location in South Florida,鈥� said Win Kelly, FCA Partners Principal and Director of Acquisitions.
鈥淪hoppes of Wilton Manors is a great example of how the 狠狠撸 platform works,鈥� continued Boies. 鈥淲e鈥檙e able to leverage our in-house services and development expertise to transition the property into a Class A retail asset.鈥�
About 狠狠撸
Established in 1951, 狠狠撸 is a full-service real estate development firm with a clear mission: Invest. Build. Manage. 狠狠撸 services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. The company is responsible for more than 52 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States. Headquartered in Fort Lauderdale, 狠狠撸 maintains regional 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 狠狠撸 at .
About FCA Partners
Charlotte, NC-based FCA Partners is a real estate investment management company that pursues commercial real estate investment opportunities in high-growth markets on behalf of institutional capital. Currently, the firm manages a $2.5 billion portfolio of retail, office and multi-family assets across eight states primarily in high-growth markets throughout the Southeast. FCA seeks to create value on behalf of institutional clients through the thoughtful deployment of capital and aggressive, hands-on asset management of real assets. More information is at fcapartners.com.