Real Estate / Retail

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The Arbors Office Park Sells  

CBRE announced the sale of The Arbors Office Park at 1615, 1625 & 1690 South Congress Avenue in Delray Beach to RexxHall Realty. LLC. The three-building office park totals 244,247 rentable square feet and is 45% occupied. “RexxHall has significant opportunity for upside potential through the lease-up of the vacant space, which they are confident that they will be able to accomplish. They have a big capital budget and plan to reno- vate the buildings and implement an aggressive leasing program,” said CBRE Vice Chairman Christian Lee, who repre- sented the seller. Built in 1981, the property is a Class A office park with a high 4.63 per 1,000 square foot parking ratio. Key tenants include Alfred Angelo, Sperry & Hutchinson, Twin-Star International, and Escalate. Lee was joined by team members, Charles Foschini and Christopher Apone with CBRE’s Institutional Group in Miami and Scott O’Donnell and Dominic Montazemi of the Private Capital Group in Palm Beach County. No buyer representative was involved in the transaction.

PGA Tour Superstore Opening     PGA Tour Superstore will be bringing the ultimate shopping experience to golf and tennis enthusiasts with the opening of a 50,000 square-foot superstore in the Delray Crossing Shopping Center next to Target at 1040 Linton Boulevard, east of I-95. The Delray Beach store is PGA Tour Superstore’s 12th location. The stores are owned and operated by Golf & Tennis Pro Shop, Inc., whose controlling owner and chairman is Arthur M. Blank, retired Home Depot co-founder and owner of the Atlanta Falcons.

“Everyone in this market has been extremely supportive and welcoming as we prepared to open our doors to golf and ten- nis customers throughout the area,” said PGA Tour Superstore President & CEO Dick Sullivan. “We look forward to bringing our store’s products, services and expertise to golfers and tennis players in the Delray Beach area, and to being a positive contributor in the community.” “Customers entering our store will find knowledgeable associates ready to help them with their needs,” Arthur Blank noted. “Our goal is to build relationships with our customers by providing a great customer experience in an inviting environment, and we are happy to have the opportunity to do so in the Delray Beach community.” PGA Tour Superstores provide a wide variety of high-quality in-store services, including personalized golf lessons and seminars by golf professionals using state- of-the-art teaching technologies; golf club and ball fittings; club repair and regripping; and tennis racquet restringing. The store experience also includes performance practice bays, hi-tech fitting and lesson swing simulators, a 1,600 square foot putting green, and an indoor tennis hitting lane for on-site demos and professional tennis instruction. PGA Tour Superstore is also a supporter of The First Tee of Palm Beach County, and presented a $5,000 check to the organization on December 15th during the store’s Friends and Family Event. For more information, visit www2.pgatoursuperstore.com