
Miami Gardens, FL Roger Delisle and Robert Monahan of Island Associates successfully negotiated a new 10 year lease term with Planet Fitness to continue their tenancy at Dolphin Plaza. Planet Fitness is showing their long-term commitment to the site by extending their lease 10 years and investing over $1.5 million in renovations to the facility. Planet Fitness is a well-known brand in the fitness industry operating over 2,600 clubs. Island Associates was successful in negotiating a rent increase benefiting the landlord while also securing the tenant’s position in the market for the long term. Dolphin Plaza is a 98,000 s/f center anchored by Winn Dixie Supermarket, Planet Fitness, FootLocker, Ashley Stewart, and Little Caesars Pizza.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,