Tag: growth

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An Historic Waterfront Gem Reimagined: The Buccaneer Returns to Singer Island

A Landmark Revival with Commercial Real Estate Impact

The recent grand reopening of the Buccaneer Waterfront Bar & Grill on Singer Island marks more than the return of a beloved local restaurant — it’s a key development in the commercial real estate revitalization of Palm Beach County. Closed since 2020, the Buccaneer has been completely reimagined under the ownership of Sharfi Holdings Inc., which purchased the property in 2021. Their investment reflects a growing trend: restoring iconic spaces to bring both historic value and economic vitality back to the community.

Strategic Location: Real Estate Worth Reviving

Situated on the Intracoastal Waterway at 383 Blue Heron Blvd, this site has long held prime value thanks to its waterfront access and location just before the bridge to the beach. The Buccaneer’s transformation taps into the increasing demand for experiential dining in high-traffic tourist and local hotspots. From a real estate standpoint, the property’s revival enhances the surrounding area’s appeal — boosting not only tourism but also increasing the value of neighboring commercial and mixed-use properties.

Preserving History, Creating Value

Sharfi Holdings’ approach blended preservation with modernization. Signature elements of the original 1960s Buccaneer, like the tropical underwater mural and handcrafted wooden bar, have been thoughtfully restored, adding nostalgic charm to the updated space. This kind of mindful redevelopment is a hallmark of successful commercial real estate strategies — honoring the past while appealing to modern tastes, resulting in a differentiated and highly marketable asset.

Star Power: A Culinary Anchor Tenant

A standout feature of the Buccaneer’s rebirth is the hiring of Chef Paul Niedermann, winner of Season 9 of Hell’s Kitchen. His culinary influence not only elevates the guest experience but also serves as a commercial draw, increasing the destination’s viability and visibility. Just as anchor tenants can drive traffic in retail centers, a notable chef can anchor a restaurant’s appeal and drive foot traffic in hospitality-driven properties.

Community Impact and Economic Revitalization

The restaurant’s reopening is already stimulating local economic activity by generating jobs, increasing visitor numbers, and bringing renewed energy to Singer Island. Projects like this demonstrate how hospitality ventures contribute to larger commercial development goals — supporting local employment, encouraging further investment, and enhancing quality of life in the surrounding community.

A Case Study in Smart Redevelopment

From a commercial real estate lens, the Buccaneer is a strong example of adaptive reuse and strategic reinvestment. It shows how historic properties, when revitalized with care and purpose, can become vibrant economic drivers. As Palm Beach County continues to evolve, developments like this will play a critical role in shaping the future of its real estate and hospitality landscape.

Source:
 Adapted from the original article by Liz Balmaseda in the Palm Beach Post titled “Palm Beach County restaurant resurrected with menu by ‘Hell’s Kitchen’ chef” (March 20, 2025).

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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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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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Cohen Commercial Realty Helps Stage Kitchen & Bar Bring Culinary Excellence to Boca Raton

Stage Kitchen creates culinary magic

Palm Beach Gardens’ renowned Stage Kitchen & Bar is poised to make waves in Boca Raton. Slated to open in early 2025 along the prestigious Restaurant Row on Town Center Road, this new venture promises to bring the same bold, globally inspired flavors that have earned Stage national acclaim.

Known for its Indian-inspired small plates and unique wood-burning, open-flame cooking techniques, Stage, pronounced “staahj,” is helmed by the culinary powerhouse duo of Chef Pushkar Marathe and Andy Dugard under their joint venture, Flavor Builders Hospitality. The original location in Palm Beach Gardens is a celebrated hotspot, featuring on USA TODAY’s Restaurants of the Year 2024 list and showcasing the talents of James Beard Award semifinalist Chef Marathe.

Crafting Culinary Magic

At the heart of Stage’s allure is its commitment to artistry and authenticity. Chef Marathe’s passion for wood-fired grilling is evident:

“You have to speak to the fire… have a relationship.”

The Boca Raton location will feature custom-designed grills, including a 9-foot-long Spanish-style parrilla. The menu will mirror many beloved dishes from Palm Beach Gardens, such as chicken liver pâté, bang bang cauliflower, and grilled tandoori Niman Ranch churrasco. Additionally, Boca patrons can look forward to a daily cut steak list, including premium wagyu cuts tailored to local tastes.

An Elevated Dining Experience

Designed by Anna Woodman Interior Design, the Boca Raton restaurant will recreate the sophisticated ambiance of the original location. With deep blues, burnished bronze, and copper accents, the nearly 6,000-square-foot space will host 189 guests across indoor and outdoor dining areas, including a 25-seat bar. The venue aims to offer three distinct dining environments, ensuring a memorable experience for every guest.

Cohen Commercial Realty’s Role in Securing the Space

The expansion into Boca Raton was made possible by the expertise and dedication to long-term relationships that Chris Haass, Senior VP of Commercial Advisory Services, is known for. As part of the Tenant Representation Team at Cohen Commercial Realty, Inc., Haass played a key role in representing Stage Kitchen & Bar to find and secure this prime location on Restaurant Row.

Cohen Commercial’s commitment to understanding their clients’ needs was crucial in identifying a location that aligns with Stage Kitchen & Bar’s vision of accessibility, community engagement, and culinary excellence. PEBB Enterprises, the landlord in this Boca transaction, has been a longstanding partner of Haass’s, having worked together on multiple restaurant deals in the past, making this collaboration a perfect fit.

“Stage is a South Florida brand, but we may be growing into other major metro markets in Florida in the coming years,” said Haass.

A Thriving Culinary Future

Chef Marathe expressed excitement about bringing Stage’s eclectic, globally inspired cuisine to Boca Raton, citing the area’s diversity as a key draw. From high-finance professionals to aspiring students at Florida Atlantic University, the new Stage location promises to captivate a wide audience.

As Chef Marathe aptly put it:

“We’re excited to bring the eclectic, globally inspired cuisine to Boca.”

With Cohen Commercial Realty’s support and the passion of Flavor Builders Hospitality, Stage Kitchen & Bar is set to enrich Boca Raton’s dining scene and deliver the exceptional culinary experiences it is celebrated for.

Information from:

Ritz, Eddie. “Globally-inspired restaurant that wowed locals, made national top list coming to Boca.” Palm Beach Post, https://www.palmbeachpost.com/story/entertainment/dining/2024/10/17/stage-kitchen-bar-restaurant-known-for-indian-inspired-small-plates-opening-location-in-boca-raton/75510784007/ Accessed 10 Dec. 2024