Friday, April 27, 2012
Tunie’s Natural Grocer, The Original Brooklyn Wanter Bagel Co. to Open New Stores at LA Fitness Plaza in Palm Beach Gardens, FL
PALM BEACH, Fla. – Sterling Organization, a privately owned retail real estate investment and services company headquartered in Palm Beach, announced that it has signed lease agreements with Tunie’s, Florida’s largest natural grocery, vitamin and nutrition store; with The Original Brooklyn Water Bagel Co., the bakery and café that uses BrooklynizedTM water in all of its food and beverages; and with a new concept from The Original Brooklyn Water Bagel Co., The Original Brooklyn Pizza & Pasta Co. The new tenants will be located at LA Fitness Plaza, 7100 Fairway Drive, Palm Beach Gardens, Fla.
Tunie’s signed a 10-year agreement for the 14,750-square-foot space formerly occupied by Walgreens. This will be Tunie’s first store in Palm Beach County and its second brick-and-mortar location, expanding from its flagship location in Coral Springs, Fla. The natural grocery and nutrition store carries over 28,000 products, from fresh produce and dry goods to household and personal care products. The open date is expected to be in the fall of 2012. Realty Investors Inc. represented Tunie’s.
The Original Brooklyn Water Bagel Co. signed a 10-year agreement for a 2,405-square-foot space, and The Original Brooklyn Water Pizza & Pasta Co. signed a 10-year agreement for an adjacent 1,725 square feet. The Boca Raton-based franchise has grown to 20 locations nationwide after opening its first store in Delray Beach, Fla., in 2009. It is best known for its endorsement by celebrity talk show host Larry King. The LA Fitness Plaza location is expected to open in the fall of 2012. Lighthouse Realty Services Inc. represented the franchisees.
“We think Tunie’s and the two Brooklyn Water concepts are great complements to our strong tenant base at the center and will be enjoyed by PGA National and the surrounding communities,” said Greg Moross, COO of Sterling Organization.
At 105,453 square feet, LA Fitness Plaza is located just west of the Florida Turnpike off of PGA Boulevard at the entrance to the premier golf resort community PGA National, which has 4,900 residences and an average household income in excess of $100,000. The center was originally developed in 1986 and renovated in 2009. Sterling Organization purchased the center in partnership with The Davis Companies in 2010.
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About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company is focused on investing in value-add anchored retail real estate assets in select major U.S. markets on behalf of Sterling’s principals in partnership with the highest quality institutional and high net worth investors. Sterling Organization currently owns retail and commercial real estate in Arizona, Colorado, Florida, Georgia, Illinois, North Carolina, Tennessee and Texas, with an aggregate value approaching $1 billion. Sterling Organization is headquartered in Palm Beach, Florida.