Our Founding Principals have been involved in reshaping the Florida real estate market over the past 30 years. Mitchell Property Realty has expertise across all asset classes in both repositioning and ground-up development. Take a look at some of the projects our team members have worked on throughout their careers.
ATLANTIC BUSINESS CENTER
Pompano Beach, Florida
A 1.1 million square foot industrial park comprised of 11 buildings. The project was put together by the principal of Mitchell Property Realty while at Premier Commercial Realty. The site was difficult in that the site was owned by one entity, an option had to be purchased, and a simultaneous closing had to occur. In addition, the site was a challenging design to ensure the site would be maximized in order to have the highest density with tremendous access and loading. Atlantic Business Center is still today considered the best industrial park in Northern Broward County.
TAMPA REGIONAL INDUSTRIAL PARK
The site was purchased in 2007 by Duke Realty. The economics of Tampa had changed due to the Great Recession. The principal of Mitchell Property Realty painstakingly worked to reduce the cost of development. They were able to cut over $5 million from the project by redesigning the buildings to maximize the site, moving wetlands and lakes around, and value engineering the overall design of the buildings. Also, they processed a resolution through Hillsboro County to reduce the impact fees by over $2 million. This resulted in a competitive project. Two of the three buildings have been completed, comprising ofa 336,000 square foot and a 442,000 square foot warehouse. The third building is a mirror of the 442,000 square foot warehouse. The total project will be 1.2 million square feet.
AVENTURA INDUSTRIAL CENTER
Sysco had operated in this building for over 40 years. The site was a great infill site with tremendous road infrastructure being one half mile from Interstate 95. The principal of Mitchell Property Realty recognized the potential and opportunity to create value for their clients. The original building consisted of 232,000 square feet. It was in disrepair and the site flooded constantly. Through cleaning, repairing and replacing the systems in the building, along with reworking the drainage, the building was fixed up and new tenants were brought in. In addition, Sysco had a trailer lot and maintenance facility on the site. A 68,000 square foot building which maximized the site was designed and developed. Returns to the investors exceeded over 25% on an IRR basis.
West Palm Beach, Florida
The site had been purchased just prior to the Great Recession. The site consisted of 67 acres zoned residential. The principal of Mitchell Property Realty, while at Duke Realty, went through an entire land use change and rezoning process which took almost three years. In addition, the site was designed to maximize building coverage, parking, truck loading and truck storage. The project consists of six buildings for a total of 829,000 square feet. Four of the buildings have been completed and returns have exceeded what Duke Realty originally underwrote for the site. Through proper design and marketing, the project has been a great success.
SHOPS AT PEMBROKE GARDENS
Pembroke Pines, Florida
A 400,000 square foot lifestyle center. The center was finished in 2010 at the height of the Great Recession. The principal of Mitchell Property Realty while at Duke Realty was given the assignment to stabilize and try to minimize the losses on the center. It was calculated that at this time, the loss would have been over $20 million. Through retenanting, starting with The Cheesecake Factory, moving 4 tenants who had no relocation clauses, the center’s image began to change. After accomplishing this, rents were raised an average of $12 per square foot. Upon filling the center, it was sold for a $50 million profit. The largest single profit for any project ever sold by Duke Realty.
Pembroke Pines, Florida
Pembroke Pointe was the first office building completed post Great Recession in Broward County, Florida. The principals of Mitchell Property Realty, while at Duke Realty, designed a 146,000 square foot building with a modern flair. In addition, floor plates were designed with 2 sets of bathrooms on each floor to allow larger tenants to take the floors in quarters which minimized the use of corridors and common area factors. The building had a quick lease-up of a year and a half after completion. Duke Realty sold the building at a substantial profit as they exited the office business.