March 15, 2015
Reichel Realty signs Presidente Supermarket to 45,500 sf lease at Forest Hill Retail Center.
Reichel Realty announced that Presidente, one of the nation’s largest Hispanic supermarket chains, will anchor a makeover of the 150,000-square-foot Forest Hill Center at Forest Hill Boulevard and Congress Avenue in Palm Springs, FL. Anticipated to open this spring, Presidente, under a 20-year lease valued at $10 million, will occupy 45,500 square feet just vacated by Winn Dixie. The new location is the latest sign of expansion for Presidente, which has nearly 4o locations from Miami-Dade to Palm Beach counties.
Reichel Realty President Bill Reichel reported that final negotiations are also underway with a national fast food restaurant to redevelop an outparcel at Forest Hill Center, which was built in the early 198os. Reichel said the center is well located and its re-tenanting and improvements are well timed. “Presidente and a quick service restaurant are a great fit for this area, and strong draws that will keep Forest Hill Center competitive,” he said. “Being able to execute the Presidente lease immediately upon expiration of the
Winn Dixie lease was advantageous to neighbors as well as to the owner.”
Forest Hill Center is one of several retail properties in a portfolio owned by Four Florida Properties, a family trust, and managed and leased by Reichel Realty. The Forest Hill makeover comes on the heels of Reichel Realty’s successful turnaround of the owner’s Nassau Square retail center in suburban Lake Worth.
Reichel Realty has served as agent for Forest Hill Center and the owner’s portfolio of eight properties in all, located throughout Florida, since 2008. Katie Brown, trustee for Forest Hill Center LLC, said Reichel Realty was a tremendous resource in developing the owner’s asset management strategy, handling every aspect of the portfolio — buying, selling, leasing, managing and overseeing construction management for the centers’ upgrade.