Spearmint Rhino Owner Purchases WPB Retail Center

Reichel Realty & Investments, Inc. brokered the $12 million sale of a West Palm Beach shopping center, Zip Code Place, for seller Matheson Trust.
The 91,783-square-foot center was acquired by 2154 Zip Code Property, a company headed by Brad Keiller, owner of the chain of Spearmint Rhino Gentlemen’s Clubs, which is a tenant at the center.
The Reichel firm has been retained by the new owner to lease and manage the property.
Built in 1988, the center is located at 2190 Zip Code Place, near the corner of North Military Trail and Okeechobee Boulevard. It is 82 per cent leased, with a US Post Office mail distribution facility in 42,000 square feet.
Reichel Realty acted as consultant to Matheson family members who acquired the center for $3.8 million in 2000, and has managed it since then. President Bill Reichel said the firm built value for the owners over several years with strategic lease execution including renewing the Post Office lease at more than $13.50 per square foot, up from $2.20. He added that continued upkeep and attentive management were also factors in more than tripling Zipcode Place’s value over the 14-year hold period.
 

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