CB Richard Ellis Represents Stiles in $17.75M Sale of Arbor Square at Connerton in Tampa, FL Suburb

MIAMI, FL – CB Richard Ellis, the world's leading commercial real estate services provider, arranged the $17.75 million sale of Arbor Square at Connerton, (top right photo) an 80,000-sq.-ft. shopping center located on U.S. Highway 41 in Land O'Lakes, Fla., 20 miles north of downtown Tampa.

Mark Shellabarger, (middle left photo) senior vice president with the Tampa office of CB Richard Ellis, and Dennis Carson, (bottom right photo) senior vice president with CB Richard Ellis' Miami office, exclusively represented the seller, an affiliate of Stiles Corporation, based in Ft. Lauderdale, Fla.

Stiles Corporation is a full-service commercial real estate development and investment company responsible for more than 37 million square feet of office, industrial, retail, and mixed-use residential projects throughout the southeastern United States.

The buyer was affiliated with Tatone Properties, a private investment firm with holdings in Florida and Canada.

Arbor Square at Connerton was completed in 2007 and features a new 45,600-sq.-ft. Publix grocery store, a SunTrust Bank located on an outparcel, and nearly 34,000 sq. ft. of restaurant and retail space.

"Arbor Square benefits from limited direct competition and serves a large trade area that includes both well established and new communities," Carson said.

"Longer term, when the economy improves and Florida's growth returns to normal levels, the area surrounding Arbor Square is poised for dramatic residential growth, which will benefit the property and its tenants."

CONTACT: Rebecca Thomas, 305.381.6485, rebecca.thomas@cbre.com