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Lease roundup: Sheltair moves headquarters to Fort Lauderdale
In other deals, ADT renewed at Park at Broken Sound, and Smart for Life inked in Boca Raton
Sheltair Aviation I Fort Lauderdale Executive Airport
Sheltair Aviation moved its headquarters to Fort Lauderdale Executive Airport.
The Holland family’s firm leased 20,000 square feet at 5302 Northwest 21st Terrace in Fort Lauderdale, according to a company news release. Sheltair previously based its headquarters in Oakland Park at 4860 Northeast 12th Avenue.
Sheltair’s new two-story building can accommodate more than 50 employees, the release says. The city of Fort Lauderdale owns the property.
Founded in 1963 by Jerry Holland, Sheltair manages fixed-base operators and oversees more than 4.5 million square feet of aviation-related real estate, according to the firm’s website. Lisa Holland, Jerry Holland’s daughter, is president of Sheltair.
ADT I The Park at Broken Sound I Boca Raton
Security systems provider ADT will keep its headquarters at The Park at Broken Sound in Boca Raton.
ADT renewed its lease for roughly 104,000 square feet at 1501 Yamato Road, in a deal that provides for space improvements, according to the landlords’ news release.
Greg Katz of Newmark and Jeff Kelly of CBRE represented the landlords. Scott Panzer and Deanna Becker of JLL represented the tenant.
In 2018, Boca Raton-based Pebb Enterprises and West Palm Beach-based Tortoise Properties paid $42 million for the two-building property that includes ADT’s headquarters. Ian Weiner is CEO of Pebb, and Jake Geleerd is CEO of Tortoise.
Pebb and Tortoise’s office campus spans over 170,000 square feet, with 70,000 square feet in one of the buildings available for lease, according to the release.
The 700-acre Park at Broken Sound was originally developed in the 1970s as an office campus, with retail and residential real estate added in subsequent years.
Smart for Life I Boca Raton
Nutritional products company Smart for Life moved its headquarters to Boca Raton.
Smart for Life leased almost 8,000 square feet at 990 South Rogers Circle, where the firm will house its offices, a new fulfillment center, a call center and warehouse space, according to a company news release and media reports. Smart for Life previously was based at 990 Biscayne Boulevard in Miami.
Darren Minton is the firm’s CEO.
The owner of the 124,000-square-foot Boca property is an entity in the care of Fort Lauderdale-based Levy Realty Advisors and registered to David Kahn of Brooklyn.
The Peach Cobbler Factory I Crossroads Square I Pembroke Pines
The Peach Cobbler Factory will open its first South Florida location in Pembroke Pines.
The desserts restaurant signed a five-year lease for 2,000 square feet at the Crossroads Square shopping plaza at 176-220 North University Drive, according to a news release from the tenant’s broker. The Peach Cobbler will be in unit 212, the company’s website says.
Joseph Byrnes and Jake Michels of Berger Commercial Realty/Corfac International represented the tenant. Leandro Pereira and David Eggnatz of Katz & Associates represented the landlord.
Boston-based Longpoint Realty Partners paid $21.2 million in 2018 for the building, records show.
Led by Greg George and Larry Johnston, The Peach Cobbler Factory is in expansion mode, the release says. The Fort Lauderdale-based firm plans 50 new eateries in 19 states, and it also has franchise agreements for another 200 locations.
Aldi I Miami-Dade County
German supermarket chain Aldi will open a store at the Midway Crossings shopping plaza near Miami International Airport.
Aldi has a 20-year ground lease for the property at 7797 West Flagler Street in an unincorporated area of Miami-Dade County, where the supermarket chain is building a nearly 20,000-square-foot store, Commercial Observer reported.
West Palm Beach-based Sterling Organization, through an affiliate, owns the property, records show. Brian Kosoy is CEO of Sterling.
Although traditional brick-and-mortar retail has taken a hit because of e-commerce growth, grocery-anchored plazas remain a coveted asset class among investors.
In October, Miami Heat minority owner Ranaan Katz’s RK Centers dropped $38 million for the Aldi-anchored plaza at 10790 Biscayne Boulevard and 1290 Northeast 108th Street near North Miami.