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PALM BEACH GARDENS, Fla. – As fast-changing demographics, rising customer expectations and online retailing all pressure South Florida’s aging neighborhood retail centers, it’s taking much more than fresh facades to turn those decades-old properties into strong competitors.
Retail center turnaround expert Bill Reichel, whose Reichel Realty & Investment team brokered 120,000 square feet in leases at four Palm Beach County neighborhood shopping centers in recent activity, says a new level of strategic insight is the key. “Retail locations that were prime thirty years ago may still be strong, but delivering entertainment, value and new experiences for a changing consumer base makes all the difference,” said Reichel. “There’s a ’trickle-down’ effect on neighborhood centers from the overall evolution of retailing that’s reshaping malls and other venues.”
A portion of the $21 million in overall commercial leases his firm handled recently for Palm Beach County neighborhood retail centers included:
* A 45,700-square-foot, 10-year lease by Altitude Trampoline Park at Nassau Square in Lake Worth, adding a family entertainment dimension to the shopping center. Anchored by Publix, Dollar Tree and McDonald’s, the 160,000-square-foot, 1980’s-era retail center owned by Four Florida Properties was fully renovated recently, with Reichel’s team responsible for all aspects of asset management, from buy/sell and leasing, to management and overseeing construction.
* A new 7,227-square-foot lease to Tunnel Urban Soccer at Zip Code Place in West Palm Beach will bring soccer to all ages – from birthday parties to FIFA tournaments. With Reichel Realty’s total of 16,227 square feet in new leases, the retail center is 100 percent leased.
* A new McDonald’s restaurant at Forest Hill Shopping Center in Palm Springs on a 20-year ground lease. Reichel Realty also manages and oversaw renovation of this 150,000-square-foot center for Four Florida Properties, and adds medical services to the tenant mix with leases to Octopharma Plasma Center with 12,800 square feet and Humana with 8,500 square feet. The center is 90 percent leased.
* The firm also brokered a lease of 25,760 square feet as exclusive leasing and management firm for Sandalfoot Plaza on US441 in Boca Raton, bringing tenancy to 97 percent.
Reichel’s Palm Beach Gardens-based company has guided more than 5 million square feet of neighborhood shopping center repositioning since 1987, with services including buy/sell and leasing to management and overseeing construction management of major renovations. For information visit www.reichelrealty.com.