CREC Tapped by Thor Equities to Reposition & Draw High-Street Retail to Prime Fort Lauderdale Beach Shopping Destination
CREC Tapped by Thor Equities to Reposition & Draw High-Street Retail
to Prime Fort Lauderdale Beach Shopping Destination
Florida’s leading commercial real estate firm to transform The Gallery at Beach Place
into a live-work-play lifestyle center following major renovations.
CREC – Florida’s leading, independent, full-service commercial real estate firm – announced today that it has been selected by Thor Equities as the exclusive leasing agent for The Gallery at Beach Place in Fort Lauderdale Beach, Florida. Bringing extensive expertise in high-street retail, CREC together with Thor Equities will reposition the property’s tenant mix, revitalizing this Fort Lauderdale Beach landmark.
A major $1.9 million renovation by Thor Equities, including a fresh façade and modernization of finishes throughout, is currently underway to appeal to shifting demographics and increased demand for tailored, experiential retail in the Fort Lauderdale market.
“We are excited to collaborate with Thor Equities to reposition this trophy asset and bring it to full occupancy,” said CREC Vice President Rafael Romero. “The 360-degree renovation of The Gallery at Beach Place encompasses not only the aesthetics of the property, but our team’s commitment to re-imagine this property as a 21st century lifestyle center anchored by an inspired collection of eateries, offices, health and fitness centers, and entertainment retailers.”
With this appointment, CREC continues its track record of reshaping the retail blueprint of lifestyle shopping destinations in Florida. Most recently, the firm created and executed a vision for a revitalized tenant mix at Downtown Dadeland. Prior to CREC’s involvement in 2014, Downtown Dadeland struggled to attract retail occupants that boosted foot traffic. CREC has since positioned Downtown Dadeland as Miami’s premier location for chef-driven restaurants, situated in a pedestrian-friendly, open-air environment. The restaurant lineup includes four James Beard Award winners and nominees including Pubbelly Sushi, Harry’s Pizzeria, The Brick and Zuuk.
The Gallery at Beach Place is situated at 17 South Fort Lauderdale Boulevard, just steps from the sand, and directly on the main thoroughfare of Fort Lauderdale Beach’s State Road AIA. The property’s prime location affords breathtaking ocean views and heavy pedestrian and vehicle traffic from neighboring hotel brands, including Marriott, The Ritz-Carlton, W Hotels and Westin. Tourist attractions such as The Fort Lauderdale Air Show and Tortuga Music Festival add seasonal boosts of foot traffic. The area attracts over 13 million annual visitors, spending more than $10.6 billion each year.
Comprised of 95,769 square feet of mixed-use space amid three floors, The Gallery at Beach Place is currently 70 percent occupied, with 32,618 square feet of rentable space available. Thor Equities’ significant investment in infrastructure will transform the property to provide a platform for CREC to attract high-quality tenants to Fort Lauderdale Beach’s newest live-work-play lifestyle center.
CREC Vice President Rafael Romero and Senior Leasing Associate Ariel Bernstein will oversee leasing and marketing The Gallery at Beach Place. Current anchor tenants include CVS, Escapology, Hooters, Lulu’s Bait Shack, and Maui Nix.