Reichel Realty Brokers $5 Million Sale

Sept. 24, 2012 - PRLog -- Reichel Realty announced it brokered a $5 million sale on a prime 6.5 acre property, the former home of the Ed Morse Chevrolet dealership, at the northwest corner of Northlake Blvd. and Alternate AIA. Representing owner Morse Operations Inc., Reichel handled the sale of the site, which has three buildings totaling 45,000 square feet, to Grieco Motors LLC.

The buyer will open a new dealership, Grieco Mazda of North Palm Beach, occupying 4.5 acres and the main 35,000-square-foot building. The Company has retained Reichel Realty to lease the balance of the property, which consists of 2.8 acres and two buildings totaling 8,000 square feet.  

Broker Bill Reichel said sale of the property, vacant for 4 years, is a good sign for the economy and comes as the Northlake Blvd. corridor continues to develop. He noted that successfully marketing the property required keeping the zoning intact to allow for a new dealership during the economic downturn until a buyer could be secured. He said there is strong interest from auto-related users in the remaining portion of the property.  

Grieco Motors also owns and operates Grieco Mazda of Delray Beach.

For more information, contact Bill Reichel, breichel@reichelrealty.com, 561-478-4440 or visit http://www.reichelrealty.com.