SPRING 2018
PARADISE
THE
PERISCOPE COMMERCIAL REAL ESTATE NEWS BROUGHT TO YOU BY COLDWELL BANKER COMMERCIAL PARADISE
CBC Paradise Outpaces market with Closings up 41% over Last Year After several years of robust growth in the residential market, commercial real estate took off in 2017 across the Treasure and Space Coast. Linda Gonzalez of Coldwell Banker Commercial Paradise noted that overall the market was up 17.9% according to MLS data in St. Lucie, Indian River and Brevard Counties. While all markets were up year over year, the biggest gains in commercial sales were in St Lucie County which experienced a 44% increase over 2016. Coldwell Banker Commercial Paradise, which has commercial real estate coverage from Stuart to Satellite Beach, reported a banner year for its commercial division outpacing the market with closings up 41% over last year. “Residential growth fuels the commercial market, and as job gains and wages increase it creates opportunities for development and redevelopment increasing both occupancy and leases – all of which result in an excellent environment for business to grow and expand,” stated CoOwner and Broker Linda Schlitt Gonzalez.
Coldwell Banker Commercial Paradise Office Locations
FORT PIERCE 411 North US Highway 1 772-460-2081 INDIALANTIC 232 5th Avenue 321-723-9500 PORT ST LUCIE 7202 S US 1 772-460-2081 SEBASTIAN 1209 US Hwy 1 772-778-1801 STUART 2384 NW Federal Hwy 772-301-0600 VERO ISLAND 4625 N A1A #3 772-231-4880 VERO BEACH 1950 US Hwy 1 772-778-2029
“With the strong economy, we expect the
The biggest gains were for St Lucie County
commercial market to stay strong in 2018, and continue to create new jobs in the local market,” said Gonzalez.“At Coldwell Banker Commercial Paradise we were poised for growth due to our highly focused commercial agents, many with years of experience. Pair that with our internal teamwork, and you have a cadre of agents dedicated to helping their clients find the best investments along the Space and Treasure Coasts.” Coldwell Banker Commercial Paradise is a n industry expert in commercial real estate sales and leasing for a wide range of commercial property types including retail, multi-family, industrial, investment, office and vacant land. As a full-service commercial organization, CBC Paradise offers a full array of services including sales and leasing, property management and investment consulting. Founded in the 1950s, Coldwell Banker Commercial Paradise is the only full service Treasure and Space Coast commercial real estate company offering long-standing local experience combined with global reach.
COLDWELL BANKER COMMERCIAL PARADISE
CBC Paradise Landmark Deals from 2017 Fuel Local Economies with Jobs Coldwell Banker Commercial Paradise, with commercial real estate coverage from Stuart to Satellite Beach, reported a number of landmark deals closed in 2017, many of which bring jobs and growth for local economies. “Many of these projects will bring jobs into the local community,” said Linda Schlitt Gonzalez. Notable sales and leases by Coldwell Banker Paradise that will create local jobs are: •
27 Acres in Satellite Beach on Highway A1A across the street from the ocean were brokered by The Jaffe Team. The $13.5 million transaction will launch a rejuvenation of the Satellite Beach waterfront. The former military base housing units will be cleared in early 2018 to make way for a new mixed-use development which is currently in planning. Michael Jaffe heads up The Jaffe Team for Coldwell Banker Commercial Paradise that represents the City of Satellite Beach.
•
City Electric, a local manufacturer, expanded into 50,000 sf in St. Lucie County. The remainder of the facility was taken by Fox Caps, a games equipment manufacturer. The long term lease agreement was put together by Vince Rossignol and Hoyt (Pat) Murphy.
•
A plan to develop a major hotel in downtown Fort Pierce on the former King Power Plant site was presented to the City of Fort Pierce by Keith AIRPORT PARK COMMERCIAL SITE Kite of The Kite Team, an agent who has a long experience in hotel development. Kite also announced in summer of 2017 a development for a long-term stay hotel in Vero Beach on a property previously owned by the Los Angeles Dodgers. The major tenant for that project will be traveling performers for Riverside Theater.
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The Kite Team also worked on bringing a number of new medical positions into the hospital node in Vero Beach. Florida Hospitals leased 9,000 sf, bringing several new physician practices. Vision Stat Labs will be creating 10 new jobs.
•
Radical Cosmetics will move into a redevelopment of a Fort Pierce warehouse bringing 50 full-time jobs from South Florida. This sale was brokered by Hampton Jackson and Hoyt (Pat) Murphy.
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Maverick Boats bought land to expand manufacturing facilities in Fort Pierce creating 100 new jobs, in addition to their existing 200 staff. Phillip Strazzulla brokered the transaction for Coldwell Banker Commercial Paradise.
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In the Vero Beach market, Joseph Schlitt brokered a redevelopment of a former Bell South facility into an on-line insurance sales company initially creating 25 additional local jobs.
COMMERCIAL TO THE CORE
92 SALES
with sales volume over
$67,600,000 in 2017
We’re the company that gets things DONE! Coldwell Banker Commercial Paradise was formed with the union of Hoyt C. Murphy, Inc. Realtors in St. Lucie County and Coldwell Banker Ed Schlitt in Indian River County. Originally incorporated in 1949, we are an integral part of the history of St. Lucie County. With our global connections, we will help your business shape St. Lucie County’s future.
PARADISE
Industry Experts Report on Economic Growth on Space & Treasure Coast ST. LUCIE COUNTY
INDIAN RIVER COUNTY
by Hoyt “Pat” Murphy, Jr.
by Keith Kite
by Mike & Bea Linda Jaffe
Builders First Source, the largest supplier of building produces for new residential construction, repair, and remodeling in the U.S. is reopening a shuttered 45,000 sq foot facility creating 40 new jobs.
Cleveland Clinic has been selected as the purchaser of Indian River Medical Center (IRMC) for a reported $350 million. IRMC, the area’s largest employer with 1700 employees, is poised to become a leading medical center.
Grumman is expanding with over 1M SF of new facilities and hiring over 3,000 for Stealth Bomber contract. Blue Origin moves into new 750,000 SF rocket manufacturing facility. One Web & Space X are expanding at Exploration Park at Space Center.
With unemployment at a 10 year low and strong in-migration to the area vacancy across all sectors, retail, office and multifamily continues to shrink. With existing businesses like Piper Aircraft and Elite Airlines expanding and new businesses coming to the area, the low vacancy is creating new construction activity.
Vacancies in all commercial sectors are rapidly falling due to the influx of new aerospace, aviation and hi-tech jobs. Millions of SF of retail has been constructed over the past year with more planned for 2018. Over 8 new hotels are under construction.
Strong Economic trends both locally and in South Florida is causing significant rebounds in all sectors of our market place. Expanding businesses include ABC Medical - 35 new jobs, Precast Specialties 150 new jobs, Radical Cosmetics 50 new jobs, and Tattoo Yachts 49 new jobs. Maverick Boat Group a premier manufacturer of boats including Cobia, Maverick, Pathfinder and Hewes is building an expansion facility of 106,000 sq feet creating 100 new jobs. City Electric Supply/Tamco, a leading worldwide electrical wholesaler and manufacturer currently has over 200,000 sq feet of facilities in the county. They will be building a new 400,000 sq ft facility ($38 Million).
National retail chains including Wawa, Cumberland Farms, MacDonald’s, Goodwill, O’Riley’s and Walmart Neighborhood Market have all opened new stores. Nemours Children Health Care, DaVita, and Steward Health are driving medical office growth. Star Suites an extended stay boutique hotel, is scheduled for completion in 2018.
St. Lucie County continues to see shrinking inventory and rising home prices. Thus new building is continuing to see success throughout the county.
Strong residential sales activity has created a building boom for housing with national builders active in the market. Harmony Reserve, Waterway Village, Lost Tree and Falcon Trace are several being developed on large land tracks.
National chains continue to build in both Fort Pierce and Port St. Lucie. Wawa, Aldi’s, Neighborhood Walmart’s are just a few that has located throughout the county in the last year.
We are well-suited for growth in distribution, aviation and health care. We are located within a 3-hour drive of 17.9 million potential customers, 90% of Florida’s population.
BREVARD COUNTY
Port Canaveral is now the 2nd largest passenger cruise port in the world. It just approved a $2.5B master plan for expansion, which will include several new $100 terminals for mega ships of over 6,500 passengers. Thousands of new homes are being constructed to try to keep pace with the new job influx. There is less than 2 months of inventory on MLS. Two new major Interchanges are under construction on I-95, in south Palm Bay & Viera. New Heritage Pkwy beltway is under construction to take pressure off of I-95.
cbc.flcoldwellbanker.com Phone (772) 460-2081
AVAILABLE PROPERTIES 1124 W. NEW HAVEN AVENUE | W. MELBOURNE LIST PRICE: $1,450,000 MLS: 807990 Fantastic opportunity to own this brilliant commercial property located on very busy US 192. Traffic count of over 34,000 daily and additional side street access make this property a perfect location. Currently contrived as an automotive audio, security, tire, and body shop. CONTACT: Heidi Murphy 321-298-1737
1575 INDIAN RIVER BLVD VERO BEACH LIST PRICE: $229,000 MLS: 201541 CONTACT: Andrew Gonzalez 772-633-7512
947 20TH PL | VERO BEACH FOR LEASE: $4,700 MLS: 201756 CONTACT: Joseph Schlitt 772-360-6824 Joseph O’Neill 772-643-6824
2940 S. 25 ST. | FT. PIERCE LIST PRICE: $920,000 MLS: RX-10420851 CONTACT: Hoyt C. Murphy Jr. 772-971-7424 David Miller 352-339-6622
10501 RANGE LINE RD | PORT ST. LUCIE LIST PRICE: $2,764,440 MLS: RX-10381366 CONTACT: Philip Strazzulla 772-216-4975
View all available properties at cbc.flcoldwellbanker.com
RECENTLY SOLD
FT. PIERCE
$437,500
The Kite Team 772-633-5640
FT. PIERCE
$725,000
Phil Strazzulla 772-216-4975
VERO BEACH (LEASED) $300,828 MERRITT ISLAND $1,625,000 The Kite Team 772-633-5640
Jeff Luther 772-321-5804
65 Years of Real Estate Experience OUR MISSION Coldwell Banker Commercial Paradise is a family of professionals dedicated to achieving results by creating exceptional experiences for our customers and communities through the passionate delivery of truly remarkable service.
A TRADITION OF EXCELLENCE Proud of its history, grounded in tradition, and growing thanks to its values, Coldwell Banker Paradise is the area’s oldest and largest full-service Real Estate Company. Founded in 1953 by Ed and Marguerite Schlitt, and currently led by their son and daughter, Steven and Linda, the entire Coldwell Banker Paradise family of agents and staff proudly embrace the Schlitt principles of honesty, hard work and an unwavering commitment to outstanding customer and community service.
Linda Schlitt Gonzalez and Steven Schlitt Co-Owners and Brokers