Colliers International South Florida announced the repositioning of Megacenter Palmetto, the 171,000-square-foot, retail/flex property located at 8600 NW South River Drive in Medley.
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 pre-lease 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.”
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.
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