Prominent retail leases signed by Bowlero, Winn Dixie and AutoZone negotiated by top dealmakers from Katz & Associates and The Comras Company of Florida are among the fourth quarter retail leases recognized by CoStar.
As big ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar will recognize the largest leases completed each quarter and the dealmakers who made them happen in their respective markets.
Here are the South Florida retail leases selected as the fourth quarter 2020 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP LEASE: 21046 Commercial Trail, Boca Raton, FL
Space Leased: 62,146 SF
Deal Type: New Lease
Sign Date: October 6, 2020
Size: 62,146 SF
Tenant: Bowlero Corp.
Brokers Involved: Roxanne Register and Jonathan Cashion of Katz & Associates represented the landlord. Jeffrey Evans and Michael Silverman of The Comras Company of Florida represented the tenant.
Deal Commentary: The closed Strikes bowling alley in Boca Raton is getting new life after Bowlero leased the facility with plans to convert it into one of its popular bowling and entertainment venues featuring blacklight bowling, interactive arcade games and onsite food and beverages. Bowlero is the largest bowling entertainment operator in the world with approximately 300 centers and plans to open at this location later this year. The firm also operates bowling venues under its Bowlmor Lanes and AMF brands.
TOP LEASE: Grove Market, 5010-5096 Seminole Pratt Whitney Road, Loxahatchee, FL
Space Leased: 50,983 SF
Deal Type: New Lease
Sign Date: December 29, 2020
Size: 75,194 SF
Tenant: Winn Dixie
Brokers Involved: Karen Maerovitz and Jonathan Cashion of Katz & Associates represented the landlord.
Deal Commentary: Supermarket chain Winn Dixie joins the Grove Market Shopping Center in Laxahatchee after signing a 50,983-square-foot lease in late 2020. Headquartered out of Jacksonville, FL Winn-Dixie operates approximately 500 stores in Florida, Alabama, Louisiana, Georgia, and Mississippi.
TOP LEASE: 19525 S. Dixie Highway, Miami, FL
Space Leased: 39,602 SF
Deal Type: New Lease
Sign Date: November 10, 2020
Size: 39,602 SF
Tenant: AutoZone
Brokers Involved: Joseph Gallaher and Jeremy Larkin of NAI Miami represented both sides of the deal.
Deal Commentary: AutoZone is getting into the zone in the Cutler Bay area after this fourth quarter deal to lease a freestanding retail building near the intersection of U.S. 1 and Ronald Reagan Turnpike in south Dade County. AutoZone is the largest automotive parts and accessories retailer in the United States. They were founded in 1979 and operate over 290 stores in Florida alone.
TOP LEASE: 600 NW 1st St., Miami, FL
Space Leased: 35,830 SF
Deal Type: New Lease
Sign Date: December 18, 2020
Size: 127,000 SF
Tenant: Powerhouse Gym
Brokers Involved: Zach Winkler, Katie Fernandez-Espinosa and Rafael Romero of JLL represented the landlord.
Deal Commentary: Miami Central, owned by All Aboard Florida, added Powerhouse Gym as a retail tenant. The fitness firm will open a large, 35,830-square-foot center slated to open in 2021. Powerhouse Gym has been one of the top leaders in the fitness industry for over 40 years. After opening its first gym in 2014, Powerhouse has expanded to 39 states and 17 countries.
TOP LEASE: 20811-20851 S. Dixie Highway, Miami, FL
Space Leased: 33,880 SF
Deal Type: New Lease
Sign Date: October 30, 2020
Size: 110,240 SF
Tenant: Crunch
Brokers Involved: Eileen Newhouse of Level Sales & Marketing represented the landlord.
Deal Commentary: Cutler Bay Towne Center gained Crunch Fitness as a new tenant after it signed a fourth quarter lease for 33,880 square feet in the retail complex. The fitness franchise recently announced an expansion beginning in the spring of 2021 for the South Florida region including Cutler Bay, Greenacres and Palm Beach Gardens.
TOP LEASE: 140 S. Compass Way, Dania Beach, FL
Space Leased: 29,405 SF
Deal Type: New Lease
Sign Date: October 1, 2020
Size: 60,000 SF
Tenant: Sprouts Farmers Market
Brokers Involved: Spencer Phelps of Kimco Realty and Laura Briggle and Michael Mogerman of ForeFront Commercial represented the landlord. Lindsey Pankey of Centre-Line Real Estate represented the tenant.
Deal Commentary: Sprouts Farmers Market will open a 29,405-square-foot location in Kimco Realty Corp.’s new Dania Pointe development after inking a fourth quarter lease. The retailer is planning a grand opening in March of 2021. Over the past three years, Sprouts has quickly expanded in Florida. After opening its first Florida store in 2017, the company is now operating 23 stores with 11 more slated to open in 2021.
TOP LEASE: 530 Lincoln Mall, Miami Beach, FL
Space Leased: 14,300 SF
Deal Type: New Lease
Sign Date: November 2, 2020
Size: 14,300 SF
Tenant: Showfields
Brokers Involved: Aaron Butler and Daniel Cardenas of Avenue Real Estate Partners represented the landlord.
Deal Commentary: Showfields signed a lease for this two-story retail space in the iconic Lincoln Road Mall. Founded in New York City in 2017 by Tal Zvi Nathanel, the department store’s goal is to redefine retail by offering hip, indie designers and artists the opportunity to offer their one-of-a-kind products in-store. This new location in Miami is only its second outside the original location in New York.
TOP LEASE: Palm Springs Mile,1000-1170 W. 49th St., Hialeah, FL
Space Leased: 12,000 SF
Deal Type: New Lease
Sign Date: October 12, 2020
Size: 114,208 SF
Tenant: Bella Quinces
Brokers Involved: Benjamin Brody of Philips International – SE Regional Office represented the landlord.
Deal Commentary: Bella Quinces renewed and expanded from a 5,000-square-foot retail space to now occupy approximately 12,000 square feet in the Palm Springs Mile Shopping Center. The salon and photography studio specializing in Quinceanera and Sweet Sixteen celebrations has been around for over 40 years with three separate locations in the South Florida region.
TOP LEASE: Shoppes At Dadeland, 7200-7240 N. Kendall Drive, Miami, FL
Space Leased: 9,831 SF
Deal Type: New Lease
Sign Date: December 7, 2020
Size: 104,956 SF
Tenant: Five Below
Brokers Involved: Katie Fernandez-Espinosa, Luis Castillo and Rafael Romero of JLL represented the landlord. Katz & Associates represented the tenant.
Deal Commentary: Five Below is coming to The Shoppes at Dadeland where the discount retailer leased nearly 10,000 square feet in December. The 105,000-square-foot retail center is owned by Michigan-based The Hayman Co. Five Below has been aggressively expanding across Florida, as they opened 93 stores in 2020 alone. Florida now has more of the brand’s stores than any other state except Texas.
TOP LEASE: 351 Lincoln Road, Miami Beach, FL
Space Leased: 4,656 SF
Deal Type: New Lease
Sign Date: December 30, 2020
Size: 22,245 SF
Tenant: Raising Cane’s
Brokers Involved: Jonathan Carter and Pablo Camposano of Colliers International represented the landlord. Jonathan Rosen, Lee Koniver, Patrick Owens and Shannon Pope of JLL and Zach Winkler and Zachary Winkler of JLL Jones Lang LaSalle represented the tenant.
Deal Commentary: Raising Cane’s signed a year-end lease on Lincoln Road in South Beach and plans to move into the new space by mid-2021. The fast food franchise firm offering chicken fingers and southern cooking, Raising Cane’s has been in business since 1996. The fnew location hopes to capitalize on the high pedestrian foot traffic as Lincoln Road has attracted more than 11 million visitors annually.
Costar Researchers, Costar
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