Stiles Realty Closes $6.8 Million in Sales Of Two Former City Furniture Stores

Ft. Lauderdale, FL – October 20, 2011 – (RealEstateRama) — Stiles Realty has successfully concluded sales of two former City Furniture stores in Pompano Beach and Lantana for prices totaling more than $6.8 million. The realty firm, a division of Stiles, is currently handling sales of two other former City Furniture showrooms – a Boca Raton facility and another in Pembroke Park.

South Florida’s largest selling furniture retailer opened a “green,” state-of-the-art City Furniture/Ashley Furniture HomeStores superstore in Boca Raton early this year, and closed the four smaller showrooms as a key step in reconfiguring its network of stores. Property owner Advanced Business Associates, whose principals include City Furniture President Keith Koenig, chose Stiles Realty to handle disposition of the four high-visibility locations.

“We’re seeing retail and industrial demand strengthen in Broward and Palm Beach counties,” said Ryan Karlin, Stiles Realty Vice President of Retail Sales. “Former retail properties in choice locations are one factor adding momentum. They’re drawing educational, office/distribution and other non-traditional space users who see high-value opportunities to adapt buildings to their needs.”

• Spring Holdings Realty, LLC purchased the 58,811-square-foot Pompano Beach former City Furniture showroom in a $3.525 million transaction this month. Spring Footwear plans to retrofit the former furniture store at 1001 W. McNab Road to serve as a distribution facility with offices and a non-retail showroom, according to CB Richard Ellis, which represented the buyer.

• Lantana Holdings , LLC recently closed on the $3.3 million purchase of the 44,000-square-foot former City Furniture store at 1330 W Lantana Rd in Lantana. The facility will be renovated to serve as the new location of the Palm Beach Maritime Charter School.

“Stiles has been a long-time partner for City Furniture, helping us acquire new sites, develop and build at several locations,” said Keith Koenig, president of City Furniture. “The Stiles Realty team brings an owner’s perspective, and their knowledge of everything from city approvals to construction and operating costs really streamlines deals.”

As City Furniture has expanded its network throughout Southeast and Southwest Florida in recent years, the Stiles organization has been responsible for major projects such as constructing the company’s new 93,680-square-foot Boca Raton superstore and building the retailer’s 909,000-square-foot warehouse/showroom/headquarters facility in Tamarac.

Leasing information: The additional former City Furniture locations Stiles is handling are a 19,000-square-foot store fronting on U.S. 1 at 601 N. Federal Highway in the heart of Boca Raton, and a 25,000-square-foot facility at 2050 SW 30th Ave., Pembroke Park. For information contact Ryan Karlin at 954-627-9400.

About Stiles
Stiles is a full-service commercial real estate firm with a clear mission: Invest∙Build∙Manage. With its diverse capabilities, Stiles has achieved a stellar reputation for excellence and market leadership within the real estate industry. In addition to Development, Construction, Architecture, Realty and Property Management, Stiles also specializes in Financing, Acquisitions and Repositioning. The Company is responsible for more than 37 million square feet of office, industrial, retail, mixed-use and residential projects throughout the southeastern United States. Since 1951, Stiles has played a vital role in South Florida’s rise to prominence. With a multitude of award winning projects, Stiles inspired the revitalization of downtown Fort Lauderdale, Florida, the home of its headquarters. The Company also maintains regional offices in Miami, Tampa, West Palm Beach, Naples, Fort Myers and Orlando, Florida. For more information, please visit www.stiles.com.