Palm Beach Gardens, Fla. – With suburban Lake Worth poised for growth, Reichel Realty announced it will begin a $1.2 million makeover of the 160,000-square-foot Nassau Square retail center by year-end.

Reichel Realty, which is directing the renovation for center owner Nassau Square LLC, re-leased the center over the past several months, brokering transactions valued at $4.25 million. These include:

  • Publix’s 10-year renewal of a 40,000 sq. ft. lease
  • A 20-year out ground lease to McDonald’s Corp. for a new restaurant
  • 45,000-sq. ft., five-year lease to Metro Lumber and Hardware for the first U.S. location of a 60-unit hardware chain our of Puerto Rico
  • A 5-year renewal for The Brass Money Sports Bar & Grill, which occupies 4,100 sq. ft.

Bill Reichel, president, said Nassau Square, built in the early 1980s,  is ripe for renovation with the new Florida Turnpike interchange just opened at Lake Worth Road, the improved economy, and the area’s changing demographics.  “There’s a substantial amount of land approved for new residential development for many thousands of homes. Stalled during the recession, that development is now coming back on-line,” he said.

Reichel Realty, leasing and property management agent for Nassau Square, took on an expanded role to reposition the center, conceptualize the renovation, and will serve as construction manager. “It’s important to keep Nassau Square competitive,” Reichel said. “Carving out an additional out-parcel for McDonald’s and creating a renovation plan that gained Publix’s long-term commitment and attracts new quality tenants assures that’s the case.”

Reichel Realty has served as agent for the owner’s portfolio of eight properties, located throughout Florida, since 2008.  Katie Brown, trustee for Nassau Square LLC said, “The firm handled every aspect of our portfolio exceptionally well, buying, selling, leasing, managing and upgrading the centers. Engaging Reichel Realty was a valuable component of our asset management strategy.”