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| Megacenter Palmetto, 8600 NW South River Drive, Medley, FL |
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| Erin Dee |
MIAMI, FL, Feb, 5,
2014 - Colliers International South Florida is pleased to announce the
successful repositioning of Megacenter Palmetto, the
171,000-square-foot, retail/flex property located at 8600 NW South River Drive,
Medley, FL. The property went from completely vacant to over 75% pre-leased in
just five months.
The property was purchased by Megacenter, a group of
investors from Chile, on January 1, 2013 and repositioned by Colliers International
South Florida's Miami Industrial team Mort Fetterolf, Director of
Industrial Services and Erin Dee, Industrial Associate.
"The prelease up success of Megacenter is indicative of
continued strong demand for well-located industrial product in South
Florida," says Fetterolf. "Paired with aggressive marketing and hands
on ownership, our team implemented a creative strategy to reposition the
asset."
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| Mort Fetterolf |
The site, formerly occupied by Regal Kitchens for industrial
use, is being transformed with a facade overhaul, landscaping, new doors, dock
height truck wells and improved signage, all slated to be completed by April
1st.
New anchor tenants, including K1 Speed, Inc., a retail
go-cart racing operation, will create a family oriented entertainment destination
in Medley.
The go-cart operation will occupy 82,200 square feet and
feature signage on the Palmetto. K1 was represented by Nick Wigoda, Steve
Medwin and Matt Maciag at Jones Lang LaSalle.
Another retail user, Dax International Brokers, Inc., a
kitchen fixture showroom, has signed on for 19,500 square feet. Dax
International was represented by Lucia Custer and Gabriel Manacoal of NAI
Miami.
The Megacenter property also features 30,000 square feet of
self-storage units and 80 executive office units with all services included,
which will be ready for occupancy in March 2014.
Only four small 4,000-square-foot retail units remain
currently available, all with signage on the Palmetto. As a result of their
successful relationship, Colliers has been asked to continue to work with owner
Megacenter in achieving their plans to purchase additional properties around
the country.
For a complete copy of the company’s news release, please
contact:
Crystal Proenza
Vice President of Marketing and Culture
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Email: crystal.proenza@colliers.com
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