Reichel Realty & Investments Announces Third Quarter 2013 Lease and Sales Transactions

PALM BEACH GARDENS, Fla. - Nov. 19, 2013 - PRLog -- Reichel Realty & Investments completed the following lease transactions at Nassau Square, a 160,000-square-foot Publix and Dollar Tree anchored shopping center, located on Lake Worth Road and the Florida Turnpike at 7577 Lake Worth Road in Lake Worth, Florida:

·         Renewed Publix lease for a term of 10 years in the grocery retailer’s  40,000-square foot space, with lease valued at $2 million

·         Leased 45,000 square feet to Metro Lumber LLC for a term of 10 years.  Metro Lumber has over 50 locations in Puerto Rico, and Nassau Square will be their first USA location.  This lease is valued at $2 million.

·         McDonald’s signed a 20-year lease for an outparcel at the project.  This lease is valued at $2 million.

The shopping center ownership  will conduct a major renovation of the project in conjunction with all the new leasing activity estimated to cost in excess of $2 million. Reichel Realty & Investments, Inc. will handle construction management of the entire project for the ownership.

Reichel Realty & Investments, Inc. exclusively represented these two sellers in the following transactions:

·         MFC Company,Inc., a Northern Trust Bank affiliate-  the sale of the Garden Office building located at 7289 Garden Road in Riviera Beach, Florida.  The 46,000-square-foot office building was purchased by Harvest Investment International for $2.5 million.  Peter Filomena, Senior Managing Director; Jim Tornabene, Senior. Broker Associate; and Bill Reichel, President, handled the transaction.

·         Grand Bank and Trust – the sale of Mercantile Place in Port St. Lucie, Florida. The project consisted of 52,000 square feet of office warehouse condo space.  Mercpl LLC paid $1,825,000 for the project.  Ken Duke, Senior Broker Associate and Bill Reichel, President, handled the transaction.  Reichel Realty & Investments, Inc. has been retained by the new owners to lease and manage the project.

Reichel Realty was the single broker involved in the sale of the car dealership property located at 572 Northlake Blvd., in Lake Park, Florida.  The project was sold by North Palm Hyundai LLC, a Napelton Auto Group Company.  The buyer, R&R Northlake Development LLC, paid $1,850,000 for the 9,000-square-foot facility, located on 1.5± acres of land.  Reichel Realty has been retained to lease, manage and develop the project.

For more information, visit www.reichelrealty.com.