This speculative construction and the immediate lease-up of the entire property before completion is a testament to the strength of Palm Beach's commercial market and illustrates the shifting allocation of capital towards industrial-retail hybrid properties over traditional retail property models
WELLINGTON, Fla. (PRWEB) July 02, 2018
KW Commercial, a leading presence in South Florida's commercial real estate market, announced today that it recently completed a new 10,6320-square-foot industrial office lease on behalf of Jean-Michel Devoucoux, Inc., the world’s leading equestrian saddlery apparel manufacturer. The French-based company will occupy a newly constructed freestanding building on a private campus located at 3040 Fairlane Farms Road in Wellington, Florida, the well-known equestrian epicenter of Palm Beach County.
The lease brings 100-percent single tenant occupancy to the nearly completed building months before delivery of the final Certificate of Occupancy. The property, which was initially built to accommodate four individual businesses, provides immediate access to the heavily traveled Route 441, the world-renowned International Polo Club and other equestrian-oriented facilities in Wellington. Wellington Land Development, LLC purchased the property in 1998 and only recently determined the market readiness for absorption of new leasable space in Wellington's premier office and industrial park.
“This speculative construction and the immediate lease-up of the entire property before completion is a testament to the strength of Palm Beach's commercial market and illustrates the shifting allocation of capital towards industrial-retail hybrid properties over traditional retail property models,” stated Brad Kuskin, Managing Agent of Keller Williams Commercial Real Estate in Jupiter, FL. “It's commonly understood that online retailers are shaping the future of commercial property development, but what many investors are learning is that not all online retail stems from Amazon and Wal-Mart. Many smaller online retailers like Devoucoux require a hybrid of showroom, office, warehouse, customer service, and distribution space for increasing online sales in a growing economy. Many local developers and landlords are shifting to address the dynamic requirements of smaller corporate tenants.”
Devoucoux, Inc. will occupy the freestanding building and all 2.43 acres of the property for an initial lease term of 10-years, although the building's ideal location and prominence in the Wellington market spurs Devoucoux's CFO Sandra Gotts to indicate the firm's intention to remain at the property for all 15 years represented by the corporate lease. The interiors of the building benefit from 20% fully air-conditioned office and showroom, along with 80% customer service, warehouse, and light manufacturing for the saddlery firm. The building at 3040 Fairlane Farms Road features unique floor configurations permitting numerous showroom and office spaces, combined with flexible floor plan arrangements, and a high ratio of windows, providing for a retail experience in an industrial building. The property also boasts more than 1 acre of paved parking and fenced storage for the firm's various show trailers and delivery vehicles.
Devoucoux is accepting delivery of the building as a warm-vanilla shell and intends to invest significant capital in establishing the new location as a representation of its luxury brand. Devoucoux operates similar facilities in New York and California in addition to its corporate headquarters in France.
KW Commercial Managing Agent Brad Kuskin represented Jean-Michel Devoucoux, Inc. in the transaction. Principal Broker Kevin Shapiro of Chancellor Property Group represented the developer.
About Keller Williams CRE
KELLER WILLIAMS COMMERCIAL REAL ESTATE is widely recognized as an industry leader in all segments of the commercial real estate market, including office, multifamily, shopping center, distribution, and single tenant net lease assets. KW Commercial leverages the nation's most extensive network of real estate agents to achieve synergies between residential and commercial clients. Keller Williams Commercial Real Estate serves clients throughout the United States and Canada. For more information, please visit http://www.kwcreco.com and browse available Florida commercial listings.