Votes on adult living, day care west of Boca Raton delayed

Residents west of Boca Raton will have to wait a little longer to find out if a senior living center and a day care will be built near their homes.

A proposal by St. Louis-based Allegro Senior Living and property owner Alan D. Simon to build on Clint Moore Road has been delayed.

The project’s planners requested a postponement of a planning hearing and a vote by the Palm Beach County commission. The meetings were set to take place this month, but now a planning meeting won’t be held until Dec. 8 and a county commission meeting won’t take place until Jan. 31.

Planners said the delay “will allow the applicant to continue to work with the neighbors.”

The projects are proposed for a 13-acre parcel in the Agriculture Reserve, on the north side of Clint Moore Road just west of Florida’s Turnpike.

The Ag Reserve is  a 22,000-acre farming and conservation zone west of Boca Raton, Delray Beach and Boynton Beach. Building in the reserve has been limited by strict county rules, but the reserve has been under increasing development pressure.

Allegro wants to build a 151-unit, 223-bed rental adult living facility that will feature independent and assisted living, plus memory care. Allegro operates facilities in Boynton Beach and Jupiter.

Adjacent to the 175,000-square-foot development, a daycare for 240 children also is proposed. Simon is chief executive of Alternative Educational Systems, which owns the Randazzo School in Coconut Creek.

Some residents who live near the property fear the projects will add to traffic and noise in the area. They’ve organized a group, www.clintmoorewest.com, to oppose the project.

Thousands of dresses from Alfred Angelo’s inventory to be auctioned next month

Looking for a deal on a wedding gown? Thousands of dresses from the inventory of failed bridal chain Alfred Angelo could be auctioned next month.

The bankruptcy trustee assigned to the case has proposed an auction for Sept. 2 in Deerfield Beach. If the judge approves, the sale would be run by auctioneer Stan Crooks, president of Auction America in West Palm Beach.

NEW: Former employee of Alfred Angelo says company violated 248 workers’ rights with abrupt layoff 

Crooks said Alfred Angelo’s inventory includes 5,000 to 10,000 wedding party gowns, plus supplies such as warehouse racks, commercial sewing machines and a pallet jack.

Crooks said he plans to bring a mirror, just in case any brides-to-be want to try on dresses.

The auctioneer will add a 10 percent buyer’s premium to each final bid price, according to court documents. Auction America also will get “reasonable and documented expenses” up to $18,000.

Delray Beach-based Alfred Angelo, a bridal chain with stores throughout the nation, abruptly ceased operations in July.

Whither Winn-Dixie? Publix asserts total domination of Palm Beach County grocery market

Greg Lovett / The Palm Beach Post

Palm Beach County residents of a certain age recall when going to the grocery store meant choosing between Publix and Winn-Dixie.

These days, there’s not much of a choice. Publix has so thoroughly vanquished Winn-Dixie that the Lakeland-based grocer has seven times as many locations as Winn-Dixie. And Publix has more Palm Beach County locations than all other grocers combined.

RELATED: Publix: Where shopping for real estate is a pleasure

That’s according to research by Josh Ladle, a broker at commercial real estate firm Avison Young. He says he visited every one of the 130 grocery-anchored shopping centers in Palm Beach County to compile a comprehensive list of supemarkets in the county. The results:

  • Publix leads the way with 75 stores in Palm Beach County.
  • Winn-Dixie has just 11 stores.
  • Walmart Neighborhood Market has 8 supermarkets (more, of course, if you include the grocery sections in Walmart’s full-size stores).

No other grocery chain has more than six locations. Whole Foods and Trader Joe’s have four each, while Aldi has six.

Winn-Dixie rode a string of lackluster customer service and financial woes into near-oblivion.

“The quality was just so much better at Publix that they took all the market,” Ladle said.

Now, Publix is pinching out rivals by opening new stores wherever it can. The result, Ladle said, is that the prime locations for supermarkets are taken.

Ladle also tracked vacancies at grocery-anchored centers and found 8.4 percent vacancies at Publix plazas, compared to 16.8 percent at Winn-Dixie properties. However, he said, the numbers were skewed because a number of the Winn-Dixie centers are being redeveloped.

Publix operated 1,136 stores as of the end of 2016.

Retail disconnect continues: Stores closing, but vacancies fall

Sports Authority is gone, Sears is going and merchants everywhere are terrified by Amazon’s next move. And yet: Palm Beach County’s retail vacancy rate keeps inching lower.

Palm Beach County retail space was 89.4 percent full as of mid-2017, up from 89.1 percent in mid-2016, according to commercial real estate brokerage Avison Young.

In one of the great disconnects of the post-Amazon economy, retailers are being decimated but retail landlords are performing well. Despite store closings by Sports Authority, Macy’s and JCPenney, other retailers keeping jumping in to fill space vacated by failing merchants.

Dog-poop-free apartment complex in Palm Beach Gardens fetches $118 million

Construction at The Quaye at Palm Beach Gardens. (Jeff Ostrowski/The Palm Beach Post)

In the biggest real estate sale in Palm Beach County in recent months, the Quaye apartment complex in Palm Beach Gardens just sold for $118.35 million, according to property records.

The pet-friendly complex was built in 2015 — with the caveat that the Quaye’s canine-owning tenants had to submit to doggy DNA tests so stray poop could be identified.

The 19-acre complex near Interstate 95 had 340 units, meaning it sold for an eye-popping $348,000 per unit.

When the complex opened to tenants in 2015, monthly rents ranged from $1,490 for a one-bedroom apartment to $2,560 for a four-bedroom unit.

The new owner is an affiliate of PGIM Real Estate in Atlanta. The seller was South Gardens LLC of Tampa.

Tall, waterview office tower in WPB will get some love

One Clearlake Centre

A West Palm Beach office building has traded hands, and its new owners vow to pour money into making the property more attractive to tenants.

One Clearlake Centre just sold to Velocis, a private equity real estate manager, in partnerhip with CREC, a Miami-based real estate company.

The 18-story, 218,461-square-foot  tower is at 250 S. Australian Ave., just east of Interstate 95. A sales price could not immediately be obtained.

At a time when business and city leaders say they need more high-quality downtown office space to lure employers, One Clearlake Centre provides an opportunity to provide more choices, said Andrew Remick, CREC vice president.

Millions of dollars in improvements will be made to the building, including upgrades to the lobby, corridors, bathrooms plus a new conference center. The upgrades should be completed within the next 12 to 18 months.

“We’re trying to meet the market demand for Class A space, but at more competitive leasing rates,” Remick said.

There’s plenty of vacant space to work with at Clearlake. The property is only 47 percent occupied, meaning about 100,000 square feet is available for lease. This includes entire floors.

Some of that vacancy is being created by  Shoes for Crews, which has 37,657 square feet of space in the building on three floors but is moving to Boca Raton early next year.

CREC plans to break up some of the Clearlake’s floors into small, ready-to-occupy offices. This will allow it to meet demand from what Remick says is the main business tenant in West Palm Beach: Small users needing between 2,500 to 5,000 square feet of space.

Gross rents, which include rent plus all maintenance expenses, now are at about $34, far less than buildings along the Intracoastal Waterway. The rents are expected to inch up after the redo, but still will be far less than other office towers, Remick said.

One Clearlake offers water views, both of Clear Lake to the east and also, at higher levels, of the Intracoastal to the east.

Even better, Remick said, is that the property is away from the traffic crowding downtown streets.

From I-95, it’s a quick turn onto Australian Avenue to arrive at the office tower.

“And there’s no traffic lights, either” he added.

 

 

New owner for apartment complex in downtown West Palm Beach

The new Loftin Place apartments in West Palm Beach. (Bill Ingram/Palm Beach Post)

A New York landlord is the new owner of the Loftin Place apartments in downtown West Palm Beach.

Castle Lanterra Properties of Suffern, N.Y., paid an undisclosed amount for the 259-unit complex at 805 N. Olive Ave.

The new owner wouldn’t say how much it paid, and no deed has been recorded. But the sale price was rumored to be more than $60 million, a reflection of intense demand for shiny new rental units.

UPDATE: Castle Lanterra says it paid $63.5 million for the property.

Golden Bear Plaza in Palm Beach Gardens fetches big money

Golden Bear Plaza, the 245-673-square-foot office complex in Palm Beach Gardens, has changed hands for $62.3 million, brokerage CBRE Group said Monday.

The property at 11750 U.S. Highway 1 fetched $254 a square foot.

The new owner is Alliance Partners HSP, a unit of Shidler Group of Pennsylvania, CBRE said. Neil Merin of NAI Merin Hunter Codman and CBRE’s Christian Lee and José Antonio Lobón represented the seller, Equus Capital Partners, Ltd.

The office complex sold in 1997 for $51.5 million and in 2003 for $32.25 million, according to property records. The complex has nearly 42,000 square feet of empty space, CBRE said.

 

Shoes For Crews leaves downtown West Palm Beach, moves to Boca Raton

Shoes For Crews’ skid-proof footwear. (Bruce Bennett/The Palm Beach Post)

West Palm Beach boosters long have complained about a lack of office space, a reality that leads many tenants to set up headquarters in Boca Raton instead. That’s what happened with Shoes For Crews, the footwear maker that’s moving from West Palm to Boca.

Shoes For Crews leased 37,000 square feet at the Boca Raton Innovation Campus, brokerage firms Cushman & Wakefield and Blanca Commercial Real Estate said Friday.

Shoes For Crews, which makes no-slip shoes for workers at restaurants and other potentially treacherous workplaces, has been headquartered at One Clearlake Centre in West Palm Beach, where it occupies 37,657 square feet.

The company plans to move its 200-person office south in March 2018.

Shoes for Crews is spread over three floors at One Clearlake, but the company will occupy space in one floor at its new Boca location. Boca Raton Innovation Campus is the latest name of the 1.7-million-square-foot campus where IBM developed the first personal computer in the 1970s.

Meanwhile, developers eyeing downtown West Palm Beach face a quandary: Is the office market shallow because tenants lack interest in the city, or because they see a lack of supply? Billionaire Jeff Greene has stalled his plan for Class A office space on Quadrille Boulevard, and Related Group is seeking approval for office space along Flagler Drive.

In 2014, Greene pointed to a then-fresh decision by Cancer Treatment Centers of America to move its headquarters from Illinois to Boca Raton. The company looked at space in West Palm Beach but couldn’t find large blocks of available offices.

“The conventional wisdom is that the demand isn’t there,” Greene said in an interview. “I think the supply isn’t there.”

New Jersey investor flips warehouses once owned by Fred Keller

Warehouses on 42nd Terrace

In a quick flip, several warehouse properties in central Palm Beach County sold for $7.6 million, according to commercial real estate brokerage Cushman & Wakefield. They previously traded in October for $5.2 million, according to property records.

All three properties once were part of the warehouse empire amassed by the late Fred Keller, who killed his estranged wife in 2003 and died in prison in 2007. The Silverman Group of Short Hills, New Jersey, last year paid $50 million for Keller’s industrial portfolio. The properties involved in the latest deal:

  • 6677–6687 North 42nd Terrace, a two-building campus totaling 34,520 square feet in Riviera Beach. The metal buildings feature ceilings of 11 to 15 feet.
  • Dyer Business Park, a two-building campus totaling 33,600 square feet at 4574 Dyer Boulevard in West Palm Beach.
  • Westroads Industrial Park, a three-building campus totaling 27,600 square feet. The buildings are at 42494255 and 4261 Westroads Drive in Riviera Beach.

The sale price amounts to $79 per square foot. The properties were 99 percent leased.

Brokering the deal were Greg MillerScott O’Donnell and Dominic Montazemi of Cushman & Wakefield and CBRE’s Robert Smith, Kirk Nelson and Jeff Kelly. The seller was The Silverman Group of Short Hills, New Jersey. The buyer is Palm Tree Industrial LLC of Palm Beach.