The Coralwood Mall in Cape Coral just changed hands for the first time since 2004. Woolbright Development and a team of investors just bought it for $36.1 million.
Stiles, a property management group, bought it with a different group of partners known as GRE Coralwood LP in October 2004 for $25.3 million.
The retail world has changed over the past 17 years. Stiles changed along with it.
Sears went under. Stiles replaced the big-box tenant with four smaller box tenants: Bealls Outlet, Aldi, Homegoods and Ulta.
Before the recent sale, Stiles also secured a lease with Hobby Lobby to replace the 50,000-square-foot shell vacated by JCPenney.
“It was just time,” said Richard Stein, senior asset manager for Stiles. “It was unusual to have owned it for that long of a time. It was a good center, and we did a lot to redevelop it.
“It’s a big part of the community. It’s one of the first major shopping centers in Cape Coral. It’s the only movie theater in that area.”
Coralwood, located off Del Prado Boulevard near Veterans Parkway and the Midpoint Memorial Bridge, has more than 300,000 square feet of space and more than 20 tenants.
While some of the big-box stores were divided and transformed into smaller tenants, another one became an L.A. Fitness.
“There’s always big tenants looking for great locations,” Stein said. “Landing Hobby Lobby to take over the JCPenney, that was a pretty quick turnaround. It’s a great location full of great tenants.”
Stiles also upgraded the parking lot with modern lighting. And it built an outparcel, turning part of the parking lot into a Chipotle, a T-Mobile phone store and a Starbucks.
Stiles also secured other incoming tenants for the new owners. Quest Diagnostics and a Radiology Regional will be near the L.A. Fitness.
Woolbright, based in Boca Raton, could not be reached for comment. In Southwest Florida, Woolbright also owns Springs Plaza in Bonita Springs.