Stiles and partners close $45 million acquisition of 93 acres at World Commerce Center in St. Johns County

St. Augustine, FL A partnership consisting of Stiles, Cantrell & Morgan and FCA Partners has acquired 93.1 net developable acres across six parcels at World Commerce Center in St. Johns County for $45 million. The partnership will assume the existing development of regional impact (DRI) and all project entitlements.

The acquisition includes Legends Landing, a 40-acre mixed-use retail development positioned along International Golf Pkwy., along with five additional parcels within the World Commerce Center DRI that collectively represent one of the largest entitled commercial land assemblages in Northeast Florida.

“This acquisition represents a rare opportunity to control a fully entitled, large-scale development portfolio in one of Florida’s strongest growth markets,” said Jim Loftin, co-CEO of Cantrell & Morgan. “Entitled land of this scale is increasingly difficult to secure in St. Johns County.”

Legends Landing is planned as a large-scale retail destination within one of Northeast Florida’s fastest-growing corridors. The site is located near I-95 and surrounded by more than 13,000 units planned or under construction within a five-mile radius. The project is adjacent to established regional anchors including Costco, Buc-ee’s, Home Depot and Bass Pro Shops, reinforcing the area’s emergence as a dominant retail hub.

“With our recent development in the World Commerce Center DRI and our extensive retail experience, this acquisition aligns directly with our strategy to expand Stiles’ retail pipeline throughout Florida and the Southeast,” said Ryan Karlin, president of Stiles Retail Group. “The strength of this market and the scale of the entitled land give us strong confidence in the project’s long-term success.”

The development is designed to support the rapid expansion of the surrounding trade area while enhancing quality of life for residents and visitors. St. Johns County has grown more than 26% since 2019, according to the U.S. Census Bureau, and continues to rank among the fastest-growing counties in Florida, supported by strong job creation, tourism demand and household incomes above the national average.

With multiple parcels, numerous allowable uses and flexible site planning, the portfolio can accommodate a curated mix of national retailers, restaurants, hospitality, office and residential uses. The project represents a long-term enhancement to the St. Augustine market and is expected to generate significant economic activity and permanent employment opportunities as it is built out.

“FCA is thrilled to work with such a dynamic team in Stiles/Cantell & Morgan on this investment opportunity at World Commerce Center,” said Win Kelly, principal/director of acquisitions at FCA Partners. “This has been a long time in the making, and we are excited to help create projects that attract high quality tenants and are additive to the community for many years to come.”