Low vacancy rates and strong asking rents fueled another healthy year for South Florida’s retail market.
Still, the biggest leases of the year were a fraction of the size of last year’s top leases. Gyms, theaters, discount retailers and grocery stores were some of the tri-county region’s top tenants in 2024. Related Ross’ CityPlace in West Palm Beach scored two of South Florida’s biggest retail leases this year, and that doesn’t include the 35,000-square-foot Equinox slated to open next year.
Here are the 10 biggest retail leases in South Florida in 2024, according to data from Colliers and CBRE:
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66K sf | Floor & Décor | Plantation
Flooring retailer Floor & Décor inked the biggest lease of the year, taking more than 66,000 square feet at Pine Island Shopping Center at 8800-8990 West State Road 84 in Plantation, according to Colliers.
Floor & Décor is a publicly traded firm headquartered in Smyrna, Georgia that sells tile, wood, laminate and stone flooring supplies. It was founded by George West in 2000, and has been on a rapid expansionary path since 2018, according to published reports. In October, the firm announced plans to open 10 new warehouse stores in this year’s fourth quarter, according to a press release.
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50K sf | Macy’s | Boca Raton
Macy’s clinched the second biggest lease of the year, 50,000 square feet for a Macy’s Furniture and Mattress Gallery at 9339 Glades Road in Boca Raton, according to data from Colliers. The deal was a part of a sale and leaseback agreement with Christ Fellowship Church, as the department store shifts its national brick-and-mortar strategy. The church bought the standalone store for $23.5 million in February.
Macy’s announced plans to shutter 150 stores in February, according to published reports. The University of Miami bought another Macy’s furniture store in Pinecrest for $40 million in July. The retailer sold two more South Florida store sites in September for a combined $28 million.
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33K sf | Nordstrom Rack | Coral Gables
Nordstrom Rack renewed its 33,000 square foot lease at Miracle Marketplace at 3301 Coral Way in Coral Gables, where it has operated since 2010, according to a press release.
Nordstrom Rack is the discount division of Seattle-based department store Nordstrom. It’s been a stronger revenue generator for the business, and Nordstrom plans to further expand its Rack operations, Retail Dive reported. Nordstrom went public more than 50 years ago, but has struggled in recent years. The Nordstrom family, including CEO Erik Nordstrom and his brother Pete Nordstrom, offered $3.8 billion in September to take the retailer private, according to Retail Dive. -
32K sf | Paragon Theaters | Pompano Beach
Paragon Theaters inked a lease for 32,000 square feet at the Shoppes at Deerfield at 3660-4060 West Hillsboro Boulevard in Pompano Beach.
The theater chain is based in South Florida and is owned by Michael F. Whalen, Jr. and Michael Wilson, according to its website. Paragon focuses on retrofitting existing theaters and retail spaces, and outfits its theaters with reserved seating, dining concepts and bar lounges.
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31K sf | Crunch Fitness | Hallandale Beach
Fitness club chain Crunch Fitness expanded with 31,000 square feet at RK Diplomat Shopping Center at 1401-1729 East Hallandale Beach Boulevard in Hallandale Beach. The New York City-based firm also plans to open a 35,000-square-foot facility in Lake Worth later this winter, according to a press release.
Doug Levine founded Crunch in Greenwich Village in 1989 and sold the gym in 2001. He is now taking on a 50,000-square-foot adaptive reuse project in Miami’s Little Haiti neighborhood. -
31K sf | Nordstrom Rack | Coral Springs
Nordstrom Rack inked a lease for another 31,000 square feet in Pine Ridge Square at 4601 North University Drive in Coral Springs, marking the department store’s commitment to expanding its successful Rack division.
Nordstrom Rack confirmed its expansion plans in the Miami market, Gemma Lionello, president of Nordstrom Rack, said in a press release. Nordstrom also announced plans to open Rack stores in Melbourne, Sarasota, and Lakeland in 2025, press releases show. -
30K sf | Perigold | West Palm Beach
Furniture retailer Perigold is taking 30,000-plus square feet at CityPlace at 700A South Rosemary Avenue in West Palm Beach. Perigold is a subsidiary of online furniture retailer Wayfair, which is based in Boston and led by CEO Niraj Shah. The space was previously occupied by Venture X West Palm Beach, a coworking firm.
CityPlace is the epicenter of Related Ross’ developments in West Palm Beach, and the primary downtown shopping district in the city. -
28K sf | Burlington | Miramar
Big box retailer Burlington grabbed 28,000 square feet in Town and Country Shopping Center at 1801-1875 South University Drive in Miramar. The Burlington Township, New Jersey-based firm is one of the largest discount retailers in the U.S., with more than 1,000 stores nationwide.
In April, the firm announced plans to open a 2 million-square-foot distribution center in the Southeast, its largest yet, and will spend $750 million to do so, according to Retail Dive. -
28K sf | Presidente Supermarket | Hialeah
Presidente Supermarket landed a 28,000-square-foot lease at Westland Promenade at 3580 West 18th Avenue in Hialeah. The family-owned grocery firm was founded in 1990 and now operates dozens of stores primarily in South Florida and the greater Orlando area.
Last year, the supermarket’s co-founder, Manuel Marin, was sentenced to life in prison for the 2011 killing of Camilo Salazar, according to NBC Miami. Salazar was allegedly having an affair with Marin’s then-wife. Marin was convicted of manslaughter, conspiracy to commit kidnapping, and kidnapping charges. -
27K sf | Eataly | West Palm Beach
In the 10th largest retail lease of the year, Eataly signed a deal for 27,000 square feet at Related Ross’ CityPlace at 600 South Rosemary Avenue in West Palm Beach.
The Italian grocer and food hall was founded by Oscar Farinetti in Turin, Italy in 2007, and has since expanded to 10 stores across the U.S. The CityPlace lease marks Eataly’s first store in Florida.
