Stiles Realty, a division of Fort Lauderdale-based full-service real estate firm Stiles, announced 57,829 square feet of leasing activity at Coralwood Center, one of the largest power centers in Cape Coral, Florida. National retailers HomeGoods and Ulta signed new leases totaling 33,819 square feet in Q4 2014. At the same time, anchor tenant Bealls Outlet has signed a lease to expand into a new 24,010-square-foot store, increasing the center’s occupancy by 20 percent to 81%.
Stiles Realty’s vice president, Ryan Karlin, and director of Real Estate, Jill Gull, represented the owner, GRE Coralwood, L.P., in the transactions. According to Karlin, the new tenants were attracted to the center’s impressive tenant roster and central location. “Coralwood is an excellent option for tenants seeking a quality center in the growing Fort Myers-Cape Coral market.” said Karlin. “The addition of HomeGoods and Ulta as well as the expansion of Bealls Outlet further solidifies Coralwood Center as the dominant power center in Cape Coral.”
The redevelopment of the center will take place over the course of 2015 and includes demising a larger anchor space formerly occupied by Sears to accommodate HomeGoods and Ulta. Plans also include a modernization of the facades and addition of pathways and signage throughout to improve the customer experience. Project completion is slated for Q4 2015.
“We are encouraged by the leasing momentum at Coralwood Center now that the redevelopment is underway,” commented Karlin. “By redeveloping the former Sears space, ownership will bring more diverse and desirable options to the center. We are seeing significant interest from national and regional brands who aim to capitalize on the strong tenant roster and exceptional location at the highest traffic intersection in Cape Coral.”