Former Carl's Sells to Big Box Retailer

MIAMI—Once home to a Carl's Furniture store, a big box retail center in northern Palm Beach County has traded hands, opening the door to revitalization. Bass Pro Outdoor, one of the nation's leading outdoor retailers, snapped up the asset for $5.5 million and plans to open a new store there—its first in Palm Beach County.

Once among the top 100 furniture retailers in the US, Carl's Furniture filed for bankruptcy in 2011. The sale of its landmark building continues the trend of adaptive use of former big-box buildings.

The 76,000 square-foot building is in a strategic location on US 1, close to the waterfront, marinas, and some of Palm Beach County's most affluent residential communities. With the new location, Bass Pro will have nine locations in Florida.

“This is an ideal location for Bass Pro,” says Spencer Grossman, director at NAI/Merin Hunter Codman. “Northern Palm Beach County has solid economic growth, high-income household formation, and a plethora of outdoor adventure opportunities.” Grossman and Neil Merin, chairman of NAI, represented property ownership in the sale.

The retail building sits on 5.75 acres at 11940 US 1, a location that has extremely high visibility with over 25,000 cars passing daily. The site is only one-half mile from the oceanfront and is surrounded by upscale communities such as Lost Tree Club and Frenchman's Reserve. The seller of the property was Redus One. Redus could not immediately be reached for comment.

NAI recently sold another former Carl's location on Palm Beach Lakes Boulevard in West Palm Beach. That building was converted into a charter school.

“The space needs of many large retailers has changed drastically over the last decade due to e-commerce and other dynamics,” says Merin. “We continually seek out higher and better use of properties, which also translates into many benefits for local communities.”