Uncertainty over the retail market’s long-term viability continues to loom in light of e-commerce growth.
Yet, not all retail is created equal. In some cases, online shopping is no alternative to a visit to a brick-and-mortar location.
Case in point: Gyms. Fitness clubs took four out of the 10 biggest retail leases this year. Amped Fitness, which is in the midst of an aggressive expansion, signed two South Florida deals this year.
Home furnishings stores also signed two of the biggest retail deals this year. Could it be that Americans aren’t inclined to pick out their home’s decor online?
Overall, South Florida’s overall market is robust with continued rental growth, but this year’s top lease didn’t top last year’s biggest deal.
Across the region, retail rents rose by $3 or more per square foot in the third quarter, year-over-year.
Yet, the biggest lease this year was for 43,000 square feet, short of the 77,000-square-foot top deal inked in 2021.
Take a look at our full rankings below:
O’Reilly Auto Parts bets on Hialeah
O’Reilly Auto Parts took the biggest lease this year at 43,000 square feet.
The auto parts retailer inked the 10-year deal at 500 West 49th Street within the Palm Springs Mile mall in Hialeah. The shopping center is part of Great Neck, New York.-based Philips International’s portfolio.
O’Reilly Auto Parts, based in Springfield, Missouri, is a publicly traded retailer founded in 1957 by Charles F. O’Reilly and one of his sons, Charles H. O’Reilly, according to the firm’s website.
Greg Johnson is the CEO.
Philips International is a real estate development, acquisitions and management firm with a portfolio of more than 250 properties across the U.S., its website shows. Philip Pilevsky founded the firm 1979 and is its CEO.
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EōS Fitness replaces H. H. Gregg
EōS Fitness clutched the runner-up spot.
The gym, based in Phoenix, Arizona, leased the 41,500-square-foot space formerly home to electronics and home appliances store H.H. Gregg at 20841 South State Road 7 west of Boca Raton. The property is in unincorporated Palm Beach County.
Investment firm CIRE Partners, through an affiliate, paid $10.6 million for the building in July, records show. The San Diego-based company is led by Joshua Volen.
Amped Fitness leases in West Palm Beach
Amped Fitness was in growth mode over the past year.
In its biggest South Florida lease, Amped took 35,900 square feet at Tricera’s The Press project in West Palm Beach. Amped anchors the western end of the development’s retail portion, which is called Shops at The Press and spans 120,000 square feet.
Miami-based Tricera Capital, led by Ben Mandell, is redeveloping the Palm Beach Post’s campus at 2751 South Dixie Highway into The Press. The newspaper’s printing press and distribution facility is being retrofitted into Shops at The Press. The Post’s offices are being redeveloped into Workspaces at the Press, also an office property.
Amped Fitness’ offerings include personal training, high-intensity interval training, hydromassages and virtual workout programs.
Travis LaBazzo is Amped’s CEO.
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Amped keeps growing
Amped Fitness also took space in Plantation.
The fitness company leased 34,550 square feet at the Plantation Marketplace retail center at 7007-7181 West Broward Boulevard.
Barron Real Estate, founded by Charles Ladd, owns the Plantation Marketplace, having paid $38.4 million for the property in May.
Homesense picks Sunrise for first Southeast U.S. store
Home furnishings retailer Homesense will open its first store in the Southeast U.S. at Sawgrass Mills mall in Sunrise.
Homesense leased 33,700 square feet at the mall at 12801 West Sunrise Boulevard, where the home furnishings store will open next year in the northeast section of Sawgrass Mills. The store will be in an area called Anchor B.
The discount home furnishings store is a subsidiary of TJX Companies, a publicly traded department store corporation based in Framingham, Massachusetts. TJX Companies also owns TJMaxx and Marshalls.
Indianapolis-based publicly traded Simon Property Group owns Sawgrass Mills mall.
David Simon is CEO of Simon Property Group.
Another gym signs another big lease
Crunch Fitness took space at the Atlantic Crossings shopping plaza in Coral Springs.
The New York-based fitness club leased 31,400 square feet at the retail center at 750-950 North University Drive.
Crunch Fitness, founded in 1989 by Doug Levine, has roughly 400 locations worldwide, including a South Beach signature club at 1259 Washington Avenue. Some of the gym’s other South Florida locations are in Pembroke Pines, Lake Worth Beach, Oakland Park and Cutler Bay, according to Crunch’s website.
Its Atlantic Crossings space is owned by Chicago-based real estate development and management firm Allied District Properties, according to property records. Founded in 1994, the firm focuses on retail, industrial and multifamily real estate.
Santos Medical Center leases in Coconut Creek
Santos Medical Centers, a health care provider for seniors, took space in Coconut Creek.
It leased 30,500 square feet at the El Dorado plaza at 5855-5951 Lyons Road.
Santos Medical Centers has specialists in primary care, dental, oculist, podiatric, cardiology, dermatology, orthopedic and other services, according to its website. It offers care to Medicare recipients.
El Dorado Furniture owns the plaza through an affiliate, with Luis and Julio Capo listed as the entity’s managers, state corporate records show. The Capo family’s late patriarch, Manuel Capo, grew El Dorado as one of the biggest furniture stores in the U.S.
El Dorado has a location at the Coconut Creek plaza where Santos Medical took space.
Adventure park in Boynton Beach
Urban Air Adventure Park, an indoor children’s entertainment park, leased space for a facility in Boynton Beach.
Urban Air Adventure Park took 29,400 square feet at the Catalina Centre at 1701-1797 North Congress Avenue.
The park’s attractions include indoor skydiving, rock climbing and Spin Zone bumper cars, among others, according to Urban Air’s website.
New York-based real estate development and management firm Roberts Equities, through an affiliate, owns Catalina Centre, state corporate records show.
The family firm is led by co-CEOs Kirk and Kevin Roberts. Bob Roberts is chairman.
HomeGoods co-anchors Terra’s Doral Square
Another home furnishings store signed a big retail lease this year.
HomeGoods took 25,800 square feet at Terra’s Doral Square on the southeast corner of Doral Boulevard and 87th Avenue. HomeGoods will co-anchor the fully leased retail center along with FC Gym, Marshalls and Ross Dress for Less.
TJX Companies is the parent of HomeGoods.
Coconut Grove-based Terra, led by David Martin, completed the 150,000-square-foot Doral Square late last year. The development is near Codina Partners’ Downtown Doral.
Tesla leases in Miami Gardens
Electric vehicles maker Tesla inked a deal for a dealership in Miami Gardens.
Austin-based Tesla took 25,750 square feet at 20900 Northwest Second Avenue.
Records show the property is owned by an entity tied to Haims Motors car dealer.
Source: Source: TRD analysis of brokerage data, as provided by CoStar, Colliers South Florida and news clippings.