Stiles acquires 93 acres at World Commerce Center in St. Johns County

Fort Lauderdale-based firm joins Jacksonville and Charlotte partners in $45 million deal.

Legends Landing is a planned 40-acre mixed-use retail development along International Golf Parkway in World Commerce Center in St. Augustine.
Legends Landing is a planned 40-acre mixed-use retail development along International Golf Parkway in World Commerce Center in St. Augustine.
Stiles and Cantrell & Morgan
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Fort Lauderdale-based Stiles Retail Group announced a $45 million acquisition of more than 93 net developable acres across six parcels at World Commerce Center in St. Johns County.

Stiles made the purchase through WCC DRI Owner LLC. The seller was World Commerce Developer through Steinemann & Co. A partnership including Stiles, Jacksonville-based Cantrell & Morgan and Charlotte, North Carolina-based FCA Partners will assume the existing Development of Regional Impact and all project entitlements.

Stiles Retail Group acquired more than 93 developable acres across six parcels at World Commerce Center in St. Johns County.
Stiles Retail Group acquired more than 93 developable acres across six parcels at World Commerce Center in St. Johns County.


“The strength of this market and the scale of the entitled land give us strong confidence in the project’s long-term success,” said Ryan Karlin, president of Stiles Retail Group.

The acquisition includes Legends Landing, a 40-acre mixed-use retail development along International Golf Parkway, plus five additional parcels that together form one of the largest entitled commercial land assemblages in Northeast Florida.

Legends Landing is near Interstate 95, surrounded by more than 13,000 residential units planned or under construction within 5 miles. The site is adjacent to Costco, Buc-ee’s, Home Depot and Bass Pro Shops. The parcels are entitled for a mix of national retailers, restaurants, hospitality, office and residential uses.

“This acquisition represents a rare opportunity to control a fully entitled, large-scale development portfolio in one of Florida’s strongest growth markets,” said Jim Loftin, co-CEO of Cantrell & Morgan. 

A conceptual site plan for Legends Landing shows eight outparcels, a 50,000-foot-grocery store, a 30,000-square-foot furniture store and 13 restaurant, retail, hotel and office buildings.
A conceptual site plan for Legends Landing shows eight outparcels, a 50,000-foot-grocery store, a 30,000-square-foot furniture store and 13 restaurant, retail, hotel and office buildings.
Stiles and Cantrell & Morgan

Stiles’ website, stiles.com, identifies the Stiles Retail Group’s core market as Florida and the Carolinas. It says the group’s focus is “development and redevelopment of grocery-anchored shopping centers, regional power centers and neighborhood retail centers that feature a effective mix of high quality and nationally recognized tenants.”

Cantrell & Morgan says it is the largest locally owned and privately held commercial real estate firm in North Florida. It specializes in retail development, brokerage and property management.

FCA is a real estate investment management company that “pursues commercial real estate investment opportunities in high-growth markets on behalf of institutional capital,” according to fcapartners.com.

A conceptual site plan for Legends Landing shows five outparcels, a 50,000-square-foot and 40,000-square-foot furniture store and a 142,500-square-foot big box store. There are also four restaurant buildings and two 10,00-square-foot retail buildings.
A conceptual site plan for Legends Landing shows five outparcels, a 50,000-square-foot and 40,000-square-foot furniture store and a 142,500-square-foot big box store. There are also four restaurant buildings and two 10,00-square-foot retail buildings.
Stiles and Cantrell & Morgan
The Legends Landing area is southeast of Buc-ee's in World Commerce Center near the entrance to World Golf Village.
The Legends Landing area is southeast of Buc-ee's in World Commerce Center near the entrance to World Golf Village.
Stiles and Cantrell & Morgan


 

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