A partnership led by Stiles Corp. and Lubert Adler Real Estate Funds has sold Shops at Beacon Lakes, a new, fully leased, 417,248-square-foot, large-scale, super-regional shopping center development in Miami. AEW Capital Management purchased the asset on behalf of a separate account client for $108 million.
Shops at Beacon Lakes was developed by Stiles in 2020 and features a roster of segment-leading national retailers, including The Home Depot, City Furniture/Ashley Furniture, Dick’s Sporting Goods, Ross Dress for Less, Michaels, Five Below and 24-Nour Fitness. In addition, the center features outparcel pads leased to Panda Express, Jersey Mike’s, Burger Fi, Encore Nails and more.
“We believed this was the ideal location to execute our vision for a flagship retail development in Miami-Dade,” said Ryan Karlin, president of Stiles Retail Group. “Having achieved 90 percent lease-up prior to breaking ground, this center shows the continued strength of large for
