CBRE and Nuveen Bring Weston Commons Shopping Center to Full Occupancy

CBRE and Nuveen Real Estate have announced that Weston Commons, a 126,922-square-foot retail center at 4501-4587 Weston Road in Weston, Fla., has reached full occupancy. Recently, five new retail leases totaling nearly 10,000 square feet were signed.

Danny Diaz with CBRE represented the landlord, Nuveen, in the below lease negotiations.

Body20 has signed a 1,400-square-foot lease. The new space is under construction and marks their second space in South Florida.

Gaia Spa signed a 2,240-square-foot lease and opened in late January. This marks their second location in South Florida.

Goji Juicery and Kitchen signed a 1,400-square-foot lease and opened in late January. This marks their eighth location across South Florida.

Solis Mammography has signed a 2,940-square-foot lease, which is expected to open later this year.

White Lotus Boutique has signed a 1,400-square-foot lease for their first South Florida location. The new space is expected to open in March 2023. White Lotus Boutique currently has locations in Hilton Head, South Carolina.

“When considering how to improve the overall consumer experience at Weston Commons, CBRE and ownership studied the evolution of retail and customer behavior post-COVID then curated a strong tenant mix by choosing supporting tenants that filled categories that the shopping center lacked and were complimentary to the existing tenants,” said CBRE’s Diaz.

He added, “These types of service-oriented tenants are attracted to grocery-anchored retail centers like Weston Commons that create a daily draw of consumers. In South Florida, the vacancy rate for retail space remains at approximately four percent, making it difficult for retailers to find space if they want to enter the market or expand their current footprint.”

According to a report from CBRE, retail demand far exceeded the 1.7 million square feet of new supply delivered in 2021, the lowest amount since 2012. As a result, South Florida likely will sustain outsized rent growth through 2024.