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Tuesday, December 14, 2010

NNN Commercial Real Estate Development


Palm Beach County, Florida - Our Net Lease Properties data today is on construction of a Retail property. The City Council, sitting as the Community Redevelopment Agency, unanimously approved the site plan for the grocery store and a two-deck, 160-car parking garage. We see that Deerfield Beach-based SIKON Construction has broke ground for the innovative new Publix super market. This new net leased property will cost $7 million to construct. It is planned to be a 3-story, 84,600-square-foot net lease property.

This net lease property will be a Publix, Riviera Beach super market and parking garage project located at 252 East Blue Heron Boulevard. This net lease property will be developed by Brandon Structures, out of Orlando, and designed by Fisher & Associates, LLC, based in Clearwater. This project will consist of two levels of structured parking atop the 28,200-square-foot Publix grocery store. This net leased investment could be completed in October 2011.

This Publix retail property will be the second full-service grocery store in the city since a Winn-Dixie opened at Broadway and Silver Beach Road around 2004. Before the Winn-Dixie opened, Riviera Beach went almost 10 years without a full-service grocery store. Publix did operate a retail grocery store on Broadway for 31 years until the Lakeland-based grocery chain closed it in 1990. They apparently left that net lease investment property because they needed more space.

SIKON’s has many longtime clients which include Publix, Best Buy, Fresh Market, Target Corporation, Whole Foods and Winn-Dixie. These clients are terrific Tenants for triple net lease properties.

SIKON Construction, of Deerfield Beach and Orlando, has approximately 1,072,000 square feet of retail projects currently under way. SIKON Construction now ranks as the largest South Florida-based and 2nd largest Florida-based retail shell contractor according to Retail Traffic magazine’s 2010 Top Contractors (August 2010 issue). SIKON Construction has constructed 1,184,000 square feet of shell space and Retail Shopping Center Projects during the survey year and 8,768,000 square feet in the past five years. The Construction company also built 2,893,000 square feet of interior space during the past five years including 473,100 square feet during the past year.

SIKON management team is led by Steve Goraczkowski, CEO, and also includes R.E. "Ed" McWhorter, President and Director of Business Strategies, and Dale E. Scott, CDP, Senior Executive Vice President. One of their recent prized net leased properties to be built was mixed-use development in Coconut Creek, Florida. This investment property constructed by Sikon is a new LEED Silver certified, 550,000-square-foot Promenade at Coconut Creek mixed-use development. One of favorite Retail Shopping Centers that Sikon built is the first LEED-certified Publix GreenWise store, in Palm Beach Gardens, Florida.

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