MIAMI—The joint venture behind the project is calling it one of the most dramatic turnaround stories playing out in South Florida's retail landscape—and from what I've seen around here that's not hype. It's happening at Palm Johnson Plaza, a strip center in Pembroke Pines, FL.

The plaza owners have inked leases with two anchor tenants in less than a year at the formerly-distressed retail property and a capital improvement program is underway. Located at 701 Northwest 99th Avenue, the 90,000-square-foot retail center recently renewed a 31,000-square-foot lease with Winn-Dixie supermarket and finalized a new 16,401-square-foot lease with Planet Fitness.

“The rebound we've experienced at Palm Johnson Plaza over the past year is an example of how proactive investments in a formerly troubled asset can yield results,” says David Moret, principal of Continental Properties Acquisition Corporation (CREC). CREC is the center's exclusive leasing agent and property management firm.