Stiles Appointed Receiver; Assigned Leasing and Management for Three Florida Retail Centers

**Totaling 475,000 square feet combined, these centers expand Stiles’ portfolios and further establish the Company outside of its core Ft. Lauderdale market.

Ft. Lauderdale, FL, August 19, 2010 --( Stiles announced today that it has been appointed to serve as the receiver and assigned the leasing and property management for three prominent commercial properties in Naples, Daytona Beach and Jupiter, Florida. These highly established retail centers located in recognized tourist destinations feature popular entertainment venues and restaurants. Stiles is a premier full service commercial real estate firm with expertise in development, construction, property management, leasing and brokerage, architecture, financing, acquisitions and asset management.

With a combined total of more than 475,000 square feet, these centers bring Stiles’ property management portfolio to more than 6.6 million square feet, of which more than 40 percent represents third party owned properties. The centers have also boosted Stiles’ Realty portfolio to more than 6.7 million square feet, 50 percent of which represents third party owned properties. In addition, Stiles has experienced significant recent growth in assignments from real estate owned assets (REO). The economic downturn has created an important need for an expertise in the area of REO assets, and Stiles, with its comprehensive range of services and 60 year track record of success, has taken a strong position in this emerging market. In fact, in the last year Stiles has been assigned more than 1.5 million square feet of REO retail and office properties from a variety of prestigious clients, including Prudential, and Ramco-Gershenson Properties Trust.

“We are pleased to take on the receivership, property management and leasing responsibilities for these valuable and highly visible retails centers,” said Terry Stiles, Chairman and CEO of Stiles. “Because of our history in this market and success as an owner of leading office and retail properties throughout Florida, we have been able to leverage our extensive ownership knowledge and experience in the area of REO assets, and our clients have benefited. We look forward to creating a seamless transition for these properties and their tenants,” concluded Mr. Stiles.

About the centers:
The Collection at Vanderbilt in Naples is a 225,000 square foot shopping center located at the northwest corner of Vanderbilt Beach Road and Airport Pulling Road. Located across the street from The Ritz-Carlton Golf Resort and minutes from The Ritz-Carlton Beach Resort, the development caters to over three-million tourists visiting the area annually.

Daytona Promenade in Daytona Beach is a 159,000 square foot shopping center located two miles from I-4 and I-95 on the northeast corner of Beville Road and Nova Road, and only four miles from the Daytona International Speedway. Approximately eight million visitors per year visit the area to take part of all the festivities Daytona Beach has to offer, such as the Daytona 500, Bike Week, Biketoberfest, and Spring Break.

Abacoa Town Center in Jupiter is a 91,000 square foot neighborhood town center with old main street charm and design. The center is located amid Florida Atlantic University, Scripps Research Institute, and some of Palm Beach County’s most prestigious communities. Abacoa Town Center offers exciting night life, luxury shopping, interesting cultural events and a multitude of culinary experiences.

About Stiles
Stiles is a full-service commercial real estate firm with a clear mission: Invest∙Build∙Manage. With its diverse capabilities, Stiles has achieved a stellar reputation for excellence and market leadership within the real estate industry. In addition to Development, Construction, Architecture, Realty and Property Management, Stiles also specializes in Financing, Acquisitions and Repositioning. The Company is responsible for more than 37 million square feet of office, industrial, retail, mixed-use and residential projects throughout the southeastern United States. Since 1951, Stiles has played a vital role in South Florida’s rise to prominence. With a multitude of award winning projects, Stiles inspired the revitalization of downtown Fort Lauderdale, Florida, the home of its headquarters. The Company also maintains regional offices in Miami, Tampa, West Palm Beach, Naples, Ft. Myers and Orlando, Florida. For more information, please visit or call 954-627-9300.


Contact: Adrienne Zalkind
Office: 954-627-9205
Adrienne Zalkind