MIAMI—Colliers International South Florida has taken Megacenter Palmetto from zero to 75 in just five months. Agents have repositioned the completely vacant 171,000-square-foot, retail/flex property and brought it to 75% occupancy.
Located at 8600 NW South River Drive in Medley, FL, Megacenter, a group of investors from Chile, acquired the industrial asset on Jan. 1, 2013. Colliers’ Miami industrial team, including Mort Fetterolf, director of Industrial Services and Erin Dee, industrial associate, worked on the leasing strategy.
“The prelease up success of Megacenter is indicative of continued strong demand for well-located industrial product in South Florida,” says Fetterolf. “Paired with aggressive marketing and hands on ownership, our team implemented a creative strategy to reposition the asset.”
Formerly occupied by Regal Kitchens for industrial use, the site is being transformed with a facade overhaul, landscaping, new doors, dock height truck wells and improved signage. The renovations are slated to wrap up by April 1st.
New anchor tenants, including K1 Speed, Inc., a retail go-cart racing operation, will create a family-oriented entertainment destination in Medley. The go-cart operation will occupy 82,200 square feet and feature signage on the Palmetto.