Stiles Sees Positive Signs in Real Estate Market with New Development and Management Engagements
Deerfield Beach, FL – November 22, 2011 – (RealEstateRama) — South Florida’s commercial real estate market is showing signs of life, and Florida real estate developer Stiles is seeing the benefits. Greater availability of project financing, growing demand for infill retail space and owners’ desires to add value to older properties are positive signs heading into 2012, according to Stiles President Doug Eagon.
“Momentum is slowly building in certain sectors,” said Eagon, who leads the full-service, 60-year-old Fort Lauderdale company. “We’ve experienced substantial increases in our business, particularly in development and property management.”
In 2011, Eagon expects Stiles Development to outpace the amount of new space it delivered in 2010, when it ranked as the region’s third largest commercial developer, according to the South Florida Business Journal. The Company also is looking ahead to 2012, planning for its first new multi-family residential rental project in several years. “Financing is becoming more available, based on product type and credit worthiness,” Eagon added.
On the property management side, Stiles is growing by attracting and retaining national clients who benefit from its full-spectrum capabilities, custom services and cost-saving sustainability program. “Stiles Property Management often continues to manage a property even when a building changes hands – a direct reflection of the value the company brings to a property,” Eagon said.
Managing a portfolio of more than 11 million square feet, Stiles manages landmark properties in South Florida, Tampa and Orlando including 350 and 450 Las Olas Center, 800 Brickell, 200 Las Olas Circle and SunTrust Tampa.
Finding the Right Niches: Stiles Development-
To drive growth in an on-hold economy, Stiles Development focuses on niche markets. “We’ve found opportunities in a mix of retail, multifamily, public sector and build-to-suit projects,” said David Siegel, president, Stiles Development division. “That proven expertise in developing multiple product types has kept us moving forward.”
Siegel said Stiles’ recent retail development projects include:
• Publix at 18Biscayne, an urban retail center in Miami’s Biscayne Corridor, as well as plans for another Publix in the county. “Grocery chains are zeroing in on infill opportunities and underserved markets,” Siegel said.
• West Marine’s largest store and new “flagship” just completed at S.R. 84 and South Andrews Avenue, Fort Lauderdale.
• Coral Landings III, redevelopment of a retail center which Stiles purchased in northwest Broward County. Nearing completion, it is attracting strong interest from both national and local tenants.
In the residential sector, Stiles is developing Centra, a townhome community in Boca Raton that is now 50 percent sold. In 2012, Stiles plans to start a new multi-family rental community in Broward County.
“We’re also seeing increased demand for development consulting services from out-of-state and local companies. They are tapping our expertise up-front to obtain cost control and operational insight on a project’s full life cycle – from concept to completion,” said Siegel.
Focusing on Service and Sustainability: Property Management-
To grow in a tough market, Stiles Property Management has leveraged strong relationships, and now handles an impressive roster of third-party office and retail clients including Prudential, Guggenheim, USAA and Wells Fargo. “Our tenants tell the story for us,” said Chris Rotolo, president, Stiles Property Management. “They are our biggest sales force.”
Proving that point, most recently an institutionally managed real estate fund purchased Las Olas City Centre (401 E. Las Olas Blvd.) and retained Stiles for the property management.
When Wells Fargo took over 350 Las Olas Center and 450 Las Olas Center buildings, which had gone into receivership, the national financial institution retained Stiles Property Management. In 2011, USAA also retained Stiles after purchasing the two high-profile Fort Lauderdale buildings.
A far-reaching commitment to sustainable practices has helped set Stiles Property Management apart. “In the past year, we saved office owners and tenants $1.5 million in electricity costs and 10 million gallons of water,” Rotolo said. “Owners are seeking expertise in ‘green’ management practices, and several of our team members are Leadership in Energy and Environmental Design (LEED) Accredited Professionals.”
Stiles Property Management has the expertise and scale to service the full range of high-profile office and retail properties, while delivering intensive local service, added Rotolo. “People recognize the Stiles name and value our reputation for managing costs, retaining tenants and providing excellent service.”
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 http://www.stiles.com or call 95 4-627-9300.
