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Palm Beach’s Sole Gas Station Sells for $11.94M — A Testament to High-Value Commercial Real Estate

In the world of commercial real estate, location and uniqueness often drive value — and there’s no better example than the recent $11.94 million sale of Gray’s Sunoco, the only gas station on the island of Palm Beach. This record-setting transaction reflects the scarcity and desirability of commercial properties in affluent markets.

A One-of-a-Kind Commercial Asset

Situated at 340 S. County Road, near Palm Beach Town Hall, Gray’s Sunoco has long been more than just a gas station. With its full-service pumps and ability to service high-end vehicles like Rolls-Royces and Ferraris, it serves as both a community staple and a critical service point in times of need — particularly during hurricane season when fuel supplies run low.

The property, which includes four service bays and a small convenience store, sits on just four-tenths of an acre. Yet, its small footprint didn’t stop it from commanding a premium price — a hallmark of high-value commercial real estate in exclusive markets.

From $2.6M to $11.94M in Two Decades

The seller, Peter Berley, acquired the property in 2005 for $2.6 million. After 20 years of ownership, the recent sale represents a nearly fivefold increase in value, reflecting Palm Beach’s booming real estate market and the rising importance of essential-use properties.

The buyer, Alexander Hufty Griswold, is a well-known Palm Beach real estate investor with deep family roots in the area. Through a Delaware-registered LLC linked to his Armata Holdings Management Corp., Griswold secured the property with the intention of maintaining its current use.

Why This Sale Matters

This transaction highlights several key trends in commercial real estate:

• Scarcity Drives Value: As the only gas station in Palm Beach, Gray’s Sunoco offers a rare, irreplaceable service. In markets where land is limited and zoning is strict, unique commercial assets often appreciate faster than traditional properties.

• Community-Centric Investments: Griswold’s commitment to preserving the property as a gas station reflects a growing emphasis on investing with community impact in mind. Essential-use properties that serve local needs can maintain stable demand regardless of market cycles.

• Historical and Emotional Value: The station’s history dates back to the early 20th century, adding sentimental value to its already prime location. Properties with a legacy often command higher prices due to their cultural and historical significance.

What This Means for Commercial Real Estate Investors

The $11.94 million sale is a reminder that not all commercial real estate is created equal. In exclusive markets like Palm Beach, properties that blend necessity, scarcity, and history can achieve exceptional valuations. Investors seeking long-term appreciation should consider essential-use properties in high-demand areas where competition is low but impact is high.

As Palm Beach continues to evolve, the preservation of landmarks like Gray’s Sunoco demonstrates that commercial real estate is about more than just transactions — it’s about sustaining the fabric of the community.

At Cohen Commercial, we understand the value of unique commercial assets. Whether you’re buying, selling, or investing, we’re here to help you navigate the market with confidence.

Cited Source: Palm Beach Daily News, “Palm Beach’s Sole Gas Station, Which Offers Full-Service Pumps, Sells for $11.94M” by Darrell Hofheinz, March 20, 2025.

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Rapids Waterpark: A Spring Break Attraction Boosting Riviera Beach’s Appeal

As spring break approaches, one of Palm Beach County’s most popular attractions, Rapids Waterpark, is set to open its doors once again. Located in Riviera Beach, this long-standing entertainment destination not only provides seasonal excitement but also plays a role in enhancing the area’s economic and real estate landscape.

A Key Player in Local Tourism and Business

With over 40 water attractions, Rapids Waterpark draws visitors from across South Florida and beyond, contributing to the steady influx of tourists in Riviera Beach. This seasonal surge benefits nearby businesses, including hotels, restaurants, and retail centers, making the area increasingly attractive to investors and commercial real estate developers.

For property owners and businesses in the region, the park’s annual reopening signals an uptick in consumer traffic, reinforcing Riviera Beach’s status as a destination for leisure and hospitality. The consistent draw of visitors has helped sustain surrounding commercial developments, supporting growth in the retail and service industries.

Commercial Real Estate Implications

The presence of a major entertainment hub like Rapids Waterpark underscores the potential for continued commercial expansion. Properties in proximity to high-traffic attractions tend to experience increased visibility and desirability, making them prime opportunities for investment. Retail spaces, quick-service dining establishments, and mixed-use developments stand to benefit from the area’s seasonal and year-round appeal.

As Riviera Beach continues to evolve, attractions such as Rapids Waterpark highlight the synergy between tourism and real estate, demonstrating how commercial growth follows consumer demand. Whether through new hospitality projects, retail expansions, or office spaces catering to the growing workforce, the area remains an active market for commercial real estate opportunities.

For more insights into commercial real estate trends and investment opportunities in South Florida, contact Cohen Commercial.

Original article: Rapids Waterpark in Riviera Beach to open for March’s spring break

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Philly Pretzel Factory Expands to Central Florida

Philly Pretzel Factory Expands to Central Florida

Philly Pretzel Factory, the nation’s largest Philly-style pretzel brand, is making its way to Central Florida! Thanks to a new strategic partnership with veteran business leader Derek Lewis, Orlando-area residents will soon get to experience the authentic taste of Philadelphia’s most iconic snack.

This exciting expansion marks a major milestone for Philly Pretzel Factory as it continues its national growth strategy. In addition to opening new Philly Pretzel Factory stores, Lewis’s Big Dave’s Cheesesteaks locations will also begin serving Philly Pretzel Factory’s signature soft pretzels.

The soft pretzel market is seeing consistent growth as more consumers seek out convenient, innovative snacks. Philly Pretzel Factory’s commitment to traditional recipes and fresh ingredients has made it a standout brand that appeals to snack lovers of all ages.

The first traditional Philly Pretzel Factory locations in Central Florida are expected to open later this year, with potential non-traditional locations possibly arriving even sooner. Stay tuned for updates and get ready to enjoy a true taste of Philly, right here in Florida!

Source: QSR Magazine. “Philly Pretzel Factory Signs Deal to Open in Central Florida.” Published March 7, 2024. Read more.

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The Cognizant Classic: Driving Economic Growth in Palm Beach County

Palm Beach County is no stranger to high-profile events, but few deliver the lasting economic impact of the Cognizant Classic in The Palm Beaches. Held annually at the prestigious PGA National Resort, this star-studded PGA Tour event has become a major economic engine for the region, drawing visitors from around the world and boosting the local economy in meaningful ways.

A $40 Million Economic Boost

In 2023, the Cognizant Classic welcomed more than 200,000 attendees, generating over $40 million in direct economic impact. This influx of visitors filled more than 11,000 hotel room nights, driving business to local hotels, restaurants, retailers, and attractions. As Palm Beach County continues to grow as an international golf destination, the tournament not only showcases the area’s hospitality but also strengthens its reputation as Florida’s Golf Capital.

With national television coverage and appearances from top golf talent including Rory McIlroy, Rickie Fowler, Shane Lowry, Matt Fitzpatrick, and Justin Rose, the Cognizant Classic amplifies Palm Beach County’s global visibility. The 2025 tournament, held from February 29 to March 3, once again highlighted the region to millions of viewers, enhancing its profile as a premier destination for world-class sports, travel, and leisure.

Since its inception in 1982, the tournament has also raised nearly $69 million for over 100 non-profits, including the Nicklaus Children’s Health Care Foundation. Beyond the competition, the event offers a week of memorable experiences, from family-friendly activities like Midas Family Day and autograph sessions, to premium viewing spots such as The Champagne Lounge and The Palm Beaches Cabana. These activations ensure that every visitor — whether a die-hard golf fan or a casual spectator — finds something to enjoy while contributing to the local economy.

Looking Ahead

As one of Palm Beach County’s largest sporting events, the Cognizant Classic remains vital to the region’s tourism success. With its combination of world-class golf, community engagement, and undeniable economic impact, the tournament continues to be a shining example of how sports can drive growth, enhance global recognition, and benefit local businesses for years to come.

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Behind the Scenes: A Day in the Life of a Commercial Facilities Manager

Commercial real estate requires more than just leasing spaces and collecting rent—it’s about maintaining properties that are safe, functional, and visually appealing for tenants and customers alike. Behind the scenes, facilities and maintenance teams work diligently to keep everything running smoothly.

We sat down with Matthew Sorrentino, Facilities Manager and key member of our property management team, here at Cohen Commercial, to learn more about his role, the challenges he faces, and what goes into maintaining commercial properties at the highest standards.

From Residential to Commercial: Matt’s Journey

Originally from New York, Mr. Sorrentino moved to Florida at a young age and later attended Florida Atlantic University, earning a degree in Communication Management. His career began in luxury residential property management before transitioning to the commercial sector, where he now plays an essential role in Cohen Commercial’s property management and facilities team.

A Day in the Life of a Facilities Manager

“No two days are ever the same,” Sorrentino explains. While the team follows a structured routine—driving properties, responding to emails, addressing tenant concerns, and overseeing ongoing maintenance projects—unexpected challenges always arise. “We get curveballs, and that’s what keeps it exciting,” he says. Staying proactive and present on-site ensures that properties remain in top condition for tenants and their customers.

Challenges in Commercial Property Maintenance

With high-traffic commercial properties, wear and tear is inevitable. “Keeping up with the amount of traffic on our properties is one of the biggest challenges,” Sorrentino notes. Whether it’s heavy footfall, ongoing construction, or adverse weather conditions, maintaining safety, cleanliness, and functionality is an ongoing effort.

The most common maintenance issues? “Roof leaks and potholes,” he says. Florida’s rainy season takes a toll on commercial properties, making it crucial to address these issues before they escalate into bigger problems. “Roof leaks, if left unchecked, can lead to major structural damage,” Sorrentino explains. “Our team works diligently to address them immediately, especially during the rainy season. That’s a success story we live every day.”

Preventative maintenance is key to prolonging the life of a property. Mr. Sorrentino emphasizes the importance of routine roof inspections and parking lot upkeep. “Protecting your roof and parking lot should be a priority for any property owner. Regular maintenance, such as sealing cracks and re-striping parking lots, can prevent costly repairs down the line.”

The Key to Strong Tenant & Vendor Relationships

A major aspect of Matt’s role is ensuring smooth communication between property managers, tenants, and vendors. Transparency is critical. “Being honest and upfront with tenants and vendors builds trust and ensures better collaboration,” he explains. Encouraging tenants to report maintenance issues promptly allows the team to address concerns before they become larger problems.

Unexpected Repairs

Mr. Sorrentino recalls the most unexpected repair he’s dealt with as a sinkhole that suddenly appeared at one of the West Coast properties his company manages. “It took a lot of investigation, time, and effort to resolve,” he says. Initially, the team wasn’t sure what caused it, which made it even more challenging. The situation required quick action, as the sinkhole posed a risk to the property and its residents.

To address it, Mr. Sorrentino quickly called in a geotechnical engineering team to assess the underlying causes of the sinkhole. They worked alongside contractors to gather data on the soil and any nearby structural weaknesses. Together, the team was able to identify that it was due to a mix of heavy rainfall and natural erosion, which compromised the ground’s integrity.

The repair process was lengthy, involving the stabilization of the ground and the installation of reinforcements to prevent further issues. The team had to bring in additional equipment, including drilling machinery to fill the hole and reinforce the foundation. The project took several weeks to complete, and every step required careful attention to avoid complications.

Mr. Sorrentino emphasizes the importance of quick action and teamwork in such unexpected situations. “Everything took a toll on us—time, focus, and resources—but we managed to handle it with the help of everyone involved, from engineers to contractors. It was a true team effort to get the property back in shape.”

Advice for Tenants & Aspiring Facilities Managers

For tenants, Mr. Sorrentino’s advice is simple: communicate openly. “Let us know about any concerns as soon as they arise. The more we know, the better we can address them and keep the property in excellent condition.”

For those interested in a career in property and facilities management, he emphasizes the importance of organization, time management, and problem-solving skills. “You have to juggle multiple tasks and adapt quickly. Staying on top of maintenance schedules and prioritizing tasks effectively are key to success.”

Looking Ahead: The Future of Facilities Management

As commercial property management continues to evolve, Mr. Sorrentino sees technology playing an even bigger role in maintenance operations. “AI and automation are already changing the way we receive estimates, track invoices, and manage projects. But at the end of the day, property maintenance still relies on skilled professionals to get the job done.”

Mr. Sorrentino also envisions Cohen Commercial continuing to grow by expanding vendor relationships, improving maintenance processes, and adopting more efficient systems to enhance workflow. He believes that while technology will streamline many aspects of the job, the key to success remains a strong, hands-on approach to property management and proactive problem-solving.

At Cohen Commercial, our facilities team plays a vital role in maintaining high standards across our properties. Mr. Sorrentino and his team’s dedication ensures that our tenants and their customers enjoy a safe, clean, and well-maintained environment every day.

Interested in learning more about our property management services? Contact us today to see how we can keep your commercial property in top shape! –> (561) 471-0212

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Westlake’s Commercial Growth: Walmart and Lowe’s Signal Market Maturity

The city of Westlake, Palm Beach County’s newest municipality, is attracting major national retailers, with Walmart and Lowe’s set to present development plans for new locations along its commercial corridor. This expansion underscores the increasing demand for retail infrastructure driven by rapid residential growth in the western suburbs.

Westlake, developed by Minto Communities, has seen significant housing expansion, with over 3,300 residential permits issued since 2017. The area has capacity for 6,500 homes and 2.2 million square feet of commercial development. This rising population density makes it a prime target for retailers seeking to capitalize on growing consumer demand.

Strategically located on Seminole Pratt Whitney Road, the proposed Walmart and Lowe’s would be the westernmost locations for both chains in Palm Beach County. Walmart’s inclusion of fuel pumps suggests a competitive positioning against retailers like Costco. These additions are expected to serve not only Westlake but also neighboring communities such as Loxahatchee and Belle Glade.

Commercial real estate experts note that retailers follow population growth, and Westlake’s trajectory mirrors trends seen in other suburban expansions. The introduction of these big-box anchors is likely to attract additional retailers, restaurants, and service providers, enhancing the city’s economic ecosystem.

With national brands like Publix, Starbucks, and Planet Fitness already establishing a presence, Walmart and Lowe’s further solidify Westlake’s emergence as a key retail destination. Their presence is expected to boost property values, generate jobs, and support small business growth, transforming Westlake from a residential hub into a fully integrated live-work-play community.

City officials anticipate council approvals by early 2025, marking a significant milestone in Westlake’s commercial development.

Sources:

https://www.palmbeachpost.com/story/news/local/wellington/2024/12/06/walmart-lowes-may-bring-big-box-stores-to-westlake-florida-city-manager-says/76597813007/

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Upland Park: Miami-Dade’s $1B Transit-Driven Landmark

A new sight is coming to South Florida. Terra Development will be starting its new development of Upland Park after securing a $170 million construction loan from Slate Property Group for phase 1. The $1 Billion project is set to begin in early 2025, with a formal groundbreaking ceremony. This will mark the start of Miami-Dade County’s largest public-private transit-orientated project in history.

Dual Purpose

The project is set to feature both residential and commercial spaces with phase 1 consisting of 578 apartments. Terra has partnered with PPK Architects, Arquitectonica and Plusurbia Design in order to create 2,000 garden-style and mid-rise apartments. In addition, the project’s 47 acres will also feature 282,000 square feet of retail space and 414,000 square feet of other commercial space.

Why Upland Park

Upland Park was created in order to support Miami-Dade County’s SMART plan. The SMART plan is a large-scale initiative with the purpose of expanding the public transit system to increase the connection within the county. Upland Park will be placed strategically in the East-West Corridor promoting its public transportation by offering a center for housing, retail and commercial spaces. The county hopes to fight its problem of traffic congestion and limit private vehicles. In addition, Upland Park is expected to create thousands of jobs and generate tremendous amounts of revenue.

Upland’s Future

Phase 1 of the project is expected to be completed by the second quarter of 2025, with the construction of residential area. With the timeline of phase 2 undeclared, it can be expected that the Upland Project will not be completed for the next few years.

Sources:

rebusinessonline.com/terra-obtains-170m-construction-loan-for-first-phase-of-1b-upland-park-mixed-use-project-in-south-florida/

www.terragroup.com/property/upland-park/

www.multihousingnews.com/terra-lands-construction-loan-for-1b-miami-project/

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A New Use for Unused Buildings: Self Storage Facilities

The Rise of Adaptive Reuse in Self-Storage

Around 9% of the total self-storage space in the U.S. comes from adaptive reuse, with 78% of these conversions happening in industrial buildings and 16% in former retail spaces. This trend is a creative solution to meet the increasing demand for storage while giving new life to older structures.

Why It Works

Building new self-storage units can be costly, especially with expensive land and zoning restrictions. In contrast, repurposing existing buildings is often more affordable. As StorageCafe’s Maria Gatea explains, converting a structure means fewer materials are needed, and labor costs are typically lower. Industrial buildings are ideal due to their high ceilings and open layouts, which make them easier to convert, while retail spaces may require more modifications.

The Appeal of Location

Converted self-storage facilities are often found in urban areas, making them convenient for renters. With fewer zoning challenges compared to new developments, adaptive reuse allows developers to build storage units closer to where people live and work. Plus, they tend to be more affordable than purpose-built storage units, offering budget-friendly options for city dwellers.

Looking Ahead

As cities grow denser and land becomes scarcer, the demand for self-storage in urban areas will only increase. Adaptive reuse offers a cost-effective way to meet this demand without requiring new land. Chicago is leading the charge with over 7.3 million square feet of converted space, and New York City is also seeing a surge in conversions.

In short, adaptive reuse in self-storage is a smart, sustainable solution for urban areas. As the trend continues, repurposing old buildings will play a key role in meeting the storage needs of growing cities.

Sorter, Amy Wolff. “A New Use for Unused Buildings: Self Storage Facilities.” Connect CRE, 14 Nov. 2024, www.connectcre.com/stories/a-new-use-for-unused-buildings-self-storage-facilities/. Accessed 20 Nov. 2024.

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2025 Commercial Real Estate Outlook: Key Predictions and Insights

As we approach 2025, the commercial real estate (CRE) landscape is poised for significant transformations. Drawing from industry analyses and emerging trends, here are eight key predictions shaping the future of CRE:

  1. Data Centers Leading Performance: With the exponential growth of digital data, the data center sector is expected to outperform other CRE sectors, driven by increasing demand for cloud services and digital storage solutions.
  2. Interest Rate Reductions: The Federal Reserve is anticipated to continue lowering interest rates, aiming to stimulate economic growth and investment within the CRE market.
  3. Rise of Shadow Spaces: The emergence of ‘shadow spaces’—areas repurposed for temporary or alternative uses—is set to become more prevalent, offering flexible solutions in the evolving market.
  4. Retail Sector Evolution: Retail spaces are expected to undergo significant changes, adapting to new consumer behaviors and technological advancements to remain competitive.
  5. Industrial Sector Growth: The industrial sector is projected to continue its expansion, fueled by the rise in e-commerce and the need for efficient logistics and distribution centers.
  6. Office Space Reimagined: Office environments are likely to be redefined, focusing on flexibility and adaptability to meet the changing needs of the workforce.
  7. Sustainability and ESG Prioritization: Environmental, Social, and Governance (ESG) considerations are expected to take center stage, with a growing emphasis on sustainable and socially responsible investments.
  8. Technological Integration: The integration of advanced technologies, including PropTech solutions, is set to revolutionize property management and tenant experiences, enhancing efficiency and engagement.

At Cohen Commercial Realty, Inc., we are committed to staying at the forefront of these developments, ensuring our clients are well-informed and strategically positioned to navigate the evolving CRE landscape in 2025 and beyond. Cheers to the new year, wishing everyone a successful 2025!

For a more in-depth analysis, you might find the following resource insightful: https://www.youtube.com/watch?v=iNKTr9Jnnxg&t=16s

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Art Basel: A Cultural Beacon Driving Miami’s Economic and Artistic Renaissance

Art Basel Miami Beach has evolved from an ambitious art fair into a transformative force for Miami’s cultural and economic landscape. Launched in 2002 as the American extension of the renowned Swiss art fair, the event not only introduced the city to the global art scene but also positioned Miami as a nexus for creativity, luxury, and culture. The annual event attracts thousands of visitors, including collectors, curators, celebrities, and art enthusiasts, generating immense economic benefits and cultural enrichment for the city.

A Cultural Revolution

Art Basel Miami Beach has significantly shaped Miami’s identity as a global art hub. The fair emphasizes contemporary art, featuring works from emerging and established artists, and celebrating Miami’s unique Latin American and Caribbean influences. This cultural diversity resonates throughout the event, with exhibitions and satellite shows across the city. Over time, Miami’s local art scene has flourished, with galleries, studios, and public art initiatives thriving in the fair’s wake. The city’s Wynwood Arts District, now famous for its murals and creative spaces, is a direct beneficiary of this artistic boom.

Economic Impact

Art Basel Miami Beach has been a boon for Miami’s economy. The event generates significant revenue, particularly in the hospitality, retail, and transportation sectors. Hotels report record occupancy rates during the event, while restaurants and luxury retailers see a surge in patronage. In 2021, after a year of pandemic disruptions, Art Basel’s return contributed to Miami’s economic recovery, showcasing its ability to drive substantial local and international spending.

The ripple effects extend beyond the immediate economic gains. Real estate development, particularly in areas like Wynwood and the Design District, has been influenced by the demand for spaces that cater to the creative community. Art Basel has also inspired an influx of new residents, including collectors and artists, who seek to immerse themselves in Miami’s dynamic cultural environment.

A Legacy of Connectivity

Art Basel’s impact transcends economic and cultural boundaries. It serves as a platform for dialogue, connecting artists, institutions, and collectors globally. Miami’s strategic position as a gateway to Latin America enhances this role, highlighting the fair’s ability to bridge diverse cultural narratives. This connectivity has spurred collaborations between local and international galleries, fostering a more inclusive art market.

Future Growth

As Miami continues to grow in prominence, Art Basel Miami Beach remains a cornerstone of its cultural calendar. The city’s commitment to expanding its art infrastructure, such as the Perez Art Museum Miami and the Institute of Contemporary Art, ensures that Art Basel will continue to inspire and attract audiences. The fair is not just an event but a catalyst for ongoing transformation, underscoring the potential of art to drive economic development and elevate global standing.

Art Basel Miami Beach exemplifies how art can redefine a city’s identity, boost its economy, and create a thriving ecosystem of culture and commerce. It has turned Miami into a shining example of how creativity can fuel urban transformation, making it a destination where art and opportunity converge year-round

  Rojas, Amy. “The Evolution of Art Basel Miami Beach and Miami’s Art Scene.” Financial Times, https://www.ft.com/partnercontent/art-basel/the-evolution-of-art-basel-miami-beach-and-miamis-art-scene.html Accessed 10 Dec. 2024