West Palm Beach, Fla. — Reichel Realty & Investments, Inc. brokered the $12 million sale of a West Palm Beach shopping center, Zip Code Place, for the seller, the Matheson Trust. The 91,783-square-foot center was acquired by 2154 Zip Code Property, a company headed by Brad Keiller, owner of the chain of Spearmint Rhino Gentlemen’s Clubs, which is a tenant at the center. The Reichel firm has been retained by the new owner to lease and manage Zip Code Place.
Built in 1988, the Center is located at 2190 Zip Code Place, near the corner of North Military Trail and Okeechobee Boulevard. The Center is 82 per cent occupied, with a US Post Office mail distribution facility in 42,000 square feet.
Reichel Realty acted as consultant to Matheson family members on acquisition of the center for $3.8 million in 2000, and has managed it since then. Bill Reichel, president, said the firm strategically built value for the owners over several years with steps including renewal of the Post Office lease at more than $13.50 per square foot, up from $2.20.
Reichel said in addition to strategic lease execution, continued upkeep and attentive management were all factors in more than tripling the Center’s value over the 14-year hold period.
For more information, visit www.reichelrealty.com