Stiles Acquires Ormand Beach Mall

by Nate Hunter

Ormand Beach, Fla. — The 102,170-square-foot center is anchored by Publix.

Ormand Beach, Fla.  — Ormond Beach Mall, a 102,170-square-foot neighborhood center in Ormond Beach, has sold. South Florida-based Stiles purchased the grocery-anchored property free and clear of existing debt. Ormond Beach Mall is 85.5 percent leased to tenants such as Publix, Bealls Outlet, Family Dollar and Wells Fargo. The asset is situated on 10.7 acres and was most recently redeveloped in 2010.

Danny Finkle, Luis Castillo and Kim Flores of HFF represented the seller, Odyssey IX DP II LLC, an entity affiliated with Lakeland, Fla.-based Odyssey Diversified Properties Inc.

Odyssey was founded in 2004 with the purpose of developing and leasing retail project in Florida, Georgia, Alabama and the Carolinas. Stiles is a prove commercial real estate company that has developed more than 38 million square feet of office, retail and mixed-use properties throughout the Southeast.

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