UPDATED, Jan. 11, 3:08 p.m.: A lot of uncertainty remains about the retail market and how brick-and-mortar stores will evolve in the future in light of e-commerce growth.
But if this year’s biggest leases are an indicator, three types of retailers remain buoyant: discount stores, gyms and grocers.
They signed the largest retail leases in South Florida in 2021.
Still, the biggest leases were much smaller this year than in 2020. The largest lease this year was Target’s for 77,000 square feet, a smaller footprint than last year’s top lease from City Furniture, for 114,764 square feet.
Similarly, the second biggest lease this year, for 58,341 square feet, was far less than the second biggest last year, for 101,621 square feet.
Here are the largest retail leases in South Florida in 2021:
Target to move into Terra’s CentroCity in Miami
Minneapolis-based Target, one of the nation’s biggest discount retailers, will open at Terra’s CentroCity mixed-use project underway near Magic City Casino in Miami.
Target inked a 77,000-square-foot lease at CentoCity, which is under construction on 38 acres at 3825 Northwest Seventh Street. The deal was signed in February.
Coconut Grove-based Terra, led by David Martin, is building CentroCity with 1,200 residential units and about 300,000 square feet of retail and restaurant space.
Hobby Lobby takes on Delray Beach
4771 West Atlantic Avenue (Google Maps)
The second largest lease came from an arts and crafts retailer. Could it mean Americans are embracing their creative side?
Oklahoma City-based Hobby Lobby inked a 51,727-square-foot lease at the Delray Square shopping plaza in Delray Beach. The deal was signed in September.
Charlotte, North Carolina-based The Keith Corporation owns the shopping plaza, built in the 1970s, at 4771 West Atlantic Avenue, records show. The retail center is on the northeast corner of West Atlantic Avenue and South Military Trail.
Bravo Flamingo Supermarket Leases in Cooper City
Bravo Flamingo Supermarket signed a 46,328-square-foot lease in Cooper City.
The grocery store took out the space at the Embassy Lakes Shopping Center at 2661 North Hiatus Road.
Jericho, New York-based Kimco Realty owns the plaza.
Burlington leases at Kendall Place
8851 Southwest 107th Avenue (Google Maps)
Burlington, previously called Burlington Coat Factory, took out a 45,000-square-foot space at the Kendall Place shopping plaza. The deal was signed in March.
The open-air retail center, at 8851 Southwest 107th Avenue, is at the southeast corner of Southwest 88th Street and 107th Avenue in the Kendall neighborhood of Miami-Dade County.
An affiliate of Los Angeles-based investment manager American Realty Advisors owns the 21.3-acre Kendall Place, records show.
Other tenants include Publix, Sergio’s restaurant and Bank of America. American Realty Advisors’ website shows Burlington as “coming soon.”
Amped Fitness leases at Pines Home Center
8333 Pines Boulevard in Pembroke Pines
While gyms were temporarily closed in 2020 during the lockdown, they were open throughout the rest of last year and this year, and are considered a resilient tenant.
Amped Fitness signed a 44,180-square-foot lease at Pines Home Center at 8333 Pines Boulevard in Pembroke Pines. The deal was signed in March.
An affiliate of Ross Realty Investments, a South Florida firm founded in 1978 by Barry Ross, owns the shopping plaza, property records show.
Enson Market leases at Plantation Commons
7700 Peters Road (Google Maps)
Grocery store Enson Market inked a 41,400-square-foot lease at Plantation Commons shopping plaza. The deal was signed in March.
The market is part of Cincinnati-based Enson Group, a food service supplier and equipment industry with several lines of business, according to its website. Enson runs supermarket chains by the same name and supplies kitchen appliances, as well as goods needed for the food retail and restaurant industries.
Jericho, New York-based Kimco Realty owns Plantation Commons at 7700 Peters Road, at the southeast corner of Peters Road and Southwest 78th Avenue in Plantation.
SOURCE: TRD analysis of brokerage data, as provided by Colliers and CoStar, news clippings and market reports.
Editor’s note: This story was corrected to include the Bravo Flamingo Supermarket lease.