West Palm Beach, Fla. - NAI/Merin Hunter Codman, the largest commercial real estate brokerage firm in Palm Beach County, sees office and retail leasing activity on the rise at City Centre, a 93,000 square-foot mixed-use office/retail complex at 2000 PGA Boulevard in Palm Beach Gardens. Some of the rise in leasing, especially retail leasing, may be due to 2009 marking the lowest level of new retail completions in Palm Beach County this decade. Office supply growth has also eased from prior years. City Centre, with a prime location on one of the County’s most important thoroughfares, is seeing existing office tenants expanding space and new retail being added.
“The leasing activity we’re seeing covers a broad array of business types,” said Lesley Sheinberg, Senior Commercial Associate at NAI/Merin Hunter Codman, “which may signal some underlying market velocity beginning to churn in a positive manner.” Sheinberg noted that the Palm Beach Gardens commercial real estate market remains stronger than many other areas of the County.
Oppenheimer and Co. Inc., the investment bank and financial services firm, recently expanded to over 10,000 square feet to occupy the full second floor of one of the four buildings at City Centre.
Sara’s Kitchen, previously a favorite breakfast and lunch spot for guests of the Palm Beach Ritz-Carlton, chose to relocate from its location near that resort to City Centre, due to the year-round business and population density in the PGA area. The luncheonette is renowned for its oversized portions of breakfast specialties like waffles, French toast, and heaps of pancakes made from a secret recipe that goes back 50 years, all at modest prices. One food reviewer commented that the food is “absolutely terrific” and it “runs circles around your favorite neighborhood bagel-joint/diner”. Sara’s, schedule to open in October, seats about 65 people and will occupy 1,600 square feet.
A law firm, EKLaw, LLC also chose to relocate to City Center, taking on 2,400 square feet, and a new a high-end boutique hair salon, Nicolas & Company Salon, inked approximately 800 square feet. Bergman Jewelers, Cornea & Refractive, and Zaven Kazan Enterprise are also all businesses that signed long-term leases at the property this year.
“There’s no question that until we have renewed population growth and an upturn in the housing market, retail properties will continue to face challenges, “adds Jay M. Grossman, President of NAI/Merin Hunter Codman, “but we’re encouraged by the leasing activity at City Centre.”
In addition to on-site restaurants at City Centre, the complex also offers on-site banking, lush landscaping, and is within walking distance of additional restaurants and retail, as well as being just minutes from I-95.
NAI/Merin Hunter Codman, www.mhcreal.com,is the largest commercial real estate brokerage firm in Palm Beach County, Florida with over two decades' experience advising on strategic acquisitions, dispositions, tenant representation, leasing and comprehensive property management. The firm advises on all commercial property sectors from office and industrial to retail, multifamily and land. NAI/Merin Hunter Codman has among its client base some of the nation's most prestigious institutional and private investors and through the NAI global network, can facilitate property transactions around the nation and the world, serving as a single point of contact for counsel and execution. NAI/Merin Hunter Codman is headquartered in West Palm Beach with regional offices in Boca Raton, Palm Beach and Palm Beach Gardens.
