Year in review: SoFla’s 10 largest retail leases signed in 2016
Lowe’s, Rooms to Go, Burlington Coat Factory, Walmart, Nissan, Dick’s Sporting Goods and more
December 20, 2016 08:45AMBy Ina Cordle
Clockwise from top left: 11584 West State Road 84 in Davie, 1220 Northlake Road in Lake Park, and the former Best Buy at 19191 South Dixie Highway in Miami
In South Florida, retailers signed a slew of new leases in 2016, heralding the arrival of new big box stores of every ilk, as well as a car dealership.
The Real Deal analyzed CoStar Group data to rank the top retail leases for the year in Miami-Dade, Broward and Palm Beach counties by square footage. Here are the top 10:
Lowe’s, the retail home improvement and appliance store, signed the year’s biggest lease, for 111,238 square feet at 11290-11584 West State Road 84 in Davie. Lowe’s signed the lease in June.
Rooms to Go
Rooms to Go started off the year by signing a lease for 94,505 square feet in January. The outlet store is at 1220 Northlake Road in Lake Park in Palm Beach County.
Burlington Coat Factory
Burlington Coat Factory, a mega-store, is expanding throughout South Florida, and signed three leases during the year, ranking as the year’s third, fourth and sixth largest leases. The biggest, at 50,500 square feet, is for 19101-19191 South Dixie Highway in Miami, the site of a former Best Buy, signed in April. Next in size: 50,000 square feet at 1400 Northwest North River Drive in Miami, signed in February. And the third, is 42,602 square feet, at 20851 State Road 7, in Boca Raton, signed in November.
Orchard Supply Hardware
In May, Orchard Supply Hardware signed a lease for 45,000 square feet at 2871 North Federal Highway in Fort Lauderdale.
Walmart is also expanding in South Florida, signing a lease for 40,000 square feet at 3151 North Federal Highway in Pompano Beach in October.
In 2013, Walmart opened a 93,000-square-foot Supercenter down the road at 5001 North Federal Highway in Pompano Beach.
Century 21 Department Store
Century 21 Department Store signed a lease in June for 40,000 square feet at 12801 West Sunrise Boulevard at Sawgrass Mills in Sunrise. Last year, Century 21 signed a lease for an 86,048-square-foot store at the same location, marking the retailer’s debut in Florida and its first foray outside the Northeast. At the time, Century 21 said the store would serve as an anchor of the shopping center as it continues to expand. That store just opened last week.
Nissan is bringing a new dealership to Lake Worth, signing a lease for 38,266 square feet at 5385 Lake Worth Road, in September.
Dick’s Sporting Goods
Dick’s Sporting Goods, which is taking over leases from bankrupt Sports Authority, signed a lease in May for 37,777 square feet at 20401-20449 State Road 7 in Boca Raton.
Dick’s bought Sports Authority’s brand and intellectual property at auction this summer for $15 million and paid $8 million for 31 Sports Authority store leases for $8 million.
Source: The Real Deal