Posts tagged Retail
NAI/Merin Hunter Codman, Inc. is pleased to bring to market 45th Street Plaza, a 128,362 SF retail shopping plaza that offers investors multiple ways to completely redevelop the asset. The plaza was constructed in 1985 with renovations in 1997 and rests on 9.68 acres in West Palm Beach, FL. Existing national and local tenants offer an in place income while implementing a value-add strategy. The adjacent 1.15 acres of land on South Tiffany Drive can be made available, and the property has the ability to create multiple out-parcels.
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West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that it will record one of the highest-momentum years for retail property transactions in nearly a decade. The high volume is a reflection of retail clients rushing to find adequate space for new stores and expansions. Some markets have seen rental rates rise as much as 10 percent in the last year, pushing retailers to act swiftly to lock in advantageous property and lease terms. This activity follows on the heels of the residential housing-market recovery with retailers, in turn, seeking to service commensurate growth. NAI/Merin Hunter Codman sees extremely brisk retail property activity across all markets from Boca Raton and Wellington — the latter exceptionally strong — on to West Palm Beach and areas of significant residential development in Jupiter. The strong trend of momentum is not expected to abate any time soon, according to retail experts at NAI/Merin Hunter Codman.
“Many South Florida retailers are expanding, pushing rental rates upward,” said Bruce Corn, Managing Director in the Retail Services Group at NAI/Merin Hunter Codman. “At the same time, that presents opportunity as expanding retailers vacate space that can be nicely rehabbed to accommodate new up-and-coming tenants.”
Mr. Corn points to representative client transaction such as Planet Fitness relocating within the Village Shoppes shopping center located on Route 441 in Royal Palm Beach. Planet Fitness moved and expanded into larger space, signing on for an expanded 20,000 square feet in a new lease in the same center. Congress Auto Parts, at Forest Hill Blvd. and Congress Ave. in West Palm Beach, relocated from one retail center to an adjacent center, having purchased a larger building totaling 6,500 square feet for its new location.
“Momentum is not limited to a particular retail specialty,” added Jordan Paul, CEO of NAI/Merin Hunter Codman. “This is a broad-sweeping trend with positive activity ranging from the expansion of restaurants, specialty grocers and pharmacies, to décor, pet supply stores and more. We see this upward trend across the full spectrum of retail in South Florida.”
Other retail transactions completed by NAI/Merin Hunter Codman in 2015 include:
• Pet Supermarket took on 6,700 square feet at Village Square on US 1 in Tequesta
• Don Che Steakhouse opened in the Casa Costa condominium complex in Boynton Beach
• Saito Japanese Steakhouse expanded its existing locations including at City Place in West Palm and in Wellington at the Pointe on Wellington Green, and signed a lease for an upcoming 7,800 square-foot restaurant at Pompano Citi Centre in Pompano, which will open in early 2016.
Major pharmacy chains such as CVS have also been expanding. NAI/Merin Hunter Codman negotiated the sale of a 10,000 square-foot building, which was to be torn down and combined with several other parcels to make way for a new 14,000 square-foot CVS store at Military Trail and Northlake Blvd.
Noted Spencer Grossman, Director in the Retail Services Group at NAI/Merin Hunter Codman, “We continually seek improved uses for retail properties, which also translates into benefits to local communities. Restaurants are especially performing well and the variety of area options is becoming eclectic and internationally diversified in terms of cuisine.”
CLICK HERE TO SEE THE FULL PRESS RELEASE.
West Palm Beach, Fla. — NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that it has leased prime retail space on US 1 in Tequesta, Florida to Pet Supermarket, one of North America’s largest pet supply retailers. The Sunrise-headquartered retailer signed a long-term lease for 6,700 square feet of space at Village Square of Tequesta, establishing the chain as the only large pet retailer in the city and pointing to the continued success of the industry in general. Pet Supermarket now has more than 150 stores nationwide with over 100 in Florida alone. One of the primary industry trade publications, Pet Business, refers to the pet supply industry as a “powerhouse of growth,” reflective of continually increasing pet ownership in the U.S. Approximately one-third of all households in America own a dog and nearly as many are cat-owners.
“There was a void in northern Palm Beach County for a leading pet specialty store, and Pet Supermarket will fill that void in a prime location,” said Bruce Corn, Managing Director of the Retail Services Group of NAI/Merin Hunter Codman. “The location offers exceptional visibility with 30,000 cars driving by on US 1 daily.” Mr. Corn negotiated the new lease on behalf of the property owners, Tequesta Investors, LLC.
Village Square at Tequesta is a 74,000 square-foot strip center on US 1 at Tequesta Drive in Tequesta, which is the northernmost city in Palm Beach Country. Martin County lies to the north. The new Pet Supermarket is expected to service pet owners in both counties. The store began build-out this month and is expected to have a grand opening prior to year-end. The new store’s address will be 229 US 1 in Tequesta.
Click here to read the full press release.
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that it negotiated the sale of a big-box retail building in northern Palm Beach County, the former Carl’s Furniture, to Bass Pro Outdoor World for $5.5 million. The 76,000 square-foot building is situated in a prime location on US 1, close to the waterfront, marinas, and some of Palm Beach County’s most affluent residential communities. Bass Pro is the nation’s leading outdoor retailer and well known in Florida as a place to gear-up and learn skills for adventures in the great outdoors. The new Bass Pro site, in North Palm Beach, will be its first in Palm Beach County and adds to nine company locations in Florida. Details on plans for the new location have yet to be disclosed. Carl’s Furniture, once among the top 100 furniture retailers in the US, filed for bankruptcy in 2011. The sale of its landmark building continues the trend of adaptive use of former big-box buildings.
“This is an ideal location for Bass Pro,” said Spencer Grossman, Director at NAI/Merin Hunter Codman. “Northern Palm Beach County has solid economic growth, high-income household formation, and a plethora of outdoor adventure opportunities.” Grossman and Neil Merin, Chairman of NAI/Merin Hunter Codman, represented property ownership in the sale.
Read the full press release here.
NAI/Merin Hunter Codman Leases Microbrewery Space in Palm Beach Gardens as Microbrewery Movement Explodes in Florida
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firm, today announced that it has finalized a lease for Twisted Trunk, a microbrewery affiliate of Tequesta Brewing Company, for more than 5,700 square feet of space at City Centre. City Centre is a mixed-use office/retail center in Palm Beach Gardens, Florida. The announcement points to the exploding microbrewery movement in Florida now taking hold in Palm Beach County. The Brewers Association notes that there are more than 90 microbreweries/brewpubs currently in the planning stages statewide in Florida, which will more than double the current number of approximately 90. Tequesta Brewery was among the early microbreweries to open in Palm Beach County, and its growing popularity led to Twisted Trunk — named after the enormous banyan trees that mark the original entrance to the city of Palm Beach Gardens.
“A microbrewery is a strong draw for consumers these days, and represents an excellent addition to a mixed-use center,” said Steve Paige, Managing Director at NAI/Merin Hunter Codman. “Twisted Trunk will have a prime location at one of the most visible intersections in Palm Beach County.”
To read the rest of the Press Release, click here. And don’t forget to stop by Twisted Trunk to enjoy a cold one!
±12,100 SF freestanding building. Existing business relocating. Concrete block construction with a newer roof and high ceilings. Abundant parking for all users. ADT on Northlake Blvd =25,158 and US Hwy 1 =24,678 cpd.
Located at median cut (easy east/west access). Minutes from I-95 and US Hwy 1. Neighboring tenants include Publix, CVS, Walgreens, BP, Chase, Wendy’ s & TD Bank.
Mixed use project consisting of ±19,300 SF of retail/office space and +400 condo units. Great second generation restaurant space available. ±1,000 condo units within a 1/4 mile radius. One plus mile from I-95. Walking distance to marinas, waterfront shops and restaurants. 2013 operating expenses are estimated at $8.50 psf.
Superb visibility on Federal Hwy. Located on the hard corner of Federal Hwy and Boynton Beach Blvd in the heart of Downtown Boynton Beach.
Palm Beach-based Hamburger Heaven will move to the Waterfront Clematis building at 1 N. Clematis St. in West Palm Beach.
A mainstay in Palm Beach, Hamburger Heaven closed its doors in June after a rental dispute with the owners of the building at 314 S. County Road.
The restaurant will occupy 4,443 square feet – nearly double the size of the space it occupied for more than half a century in Palm Beach.
– Hamburger Heaven moves to Waterfront After 65 Years in Palm Beach –
West Palm Beach, Fla. — NAI/Merin Hunter Codman, Inc., one of South Florida’s leading privately owned commercial real estate services firm, today announced that is has arranged a lease for Hamburger Heaven, a Palm Beach dining icon, to move to the Waterfront Clematis building at One North Clematis Street in West Palm Beach. The restaurant will occupy nearly double the space that it had for over half a century in Palm Beach, where it became synonymous with down-home delicious and casual fare. Restaurant locations all over Palm Beach County courted Hamburger Heaven — from Palm Beach Gardens to Delray Beach — given its long-term success and established clientele. The restaurant expects to build on its business by tapping into the urban density of the downtown West Palm Beach waterfront, while continuing to draw from its loyal client base on the island of Palm Beach.
“Hamburger Heaven adds to the exciting restaurant and retail mix at Waterfront Clematis,” said Jordan Paul, Chief Executive Officer of NAI/Merin Hunter Codman. “We continue to see urban revitalization at the waterfront area of Clematis Street that began with the 2011 completion of the park. Now, locals and visitors have one more reason to head toward Waterfront Clematis.”
Waterfront Clematis is a mixed-use office and retail development located at One and 101 North Clematis Street, situated at the intersection of Clematis Street and Flagler Drive. Hamburger Heaven inked a deal for 4,443 square feet within the One North Clematis building. The restaurant will seat approximately 150 guests, including 30 sidewalk café spots, and is expected to open soon after the New Year. Diners will have partial water views and look out toward palm trees, flowered trellises and green space. Office tenants in the building, which will also be a draw for Hamburger Heaven, include Florida Crystals, Merrill Lynch and the law firm of Broad & Cassell. More >