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Le Parc at Brickell Condo Developers Close on $19M Loan

9 May 2014, 9:27 pm

By Balazs Szekely, Associate Editor

A joint venture between ALTA Developers and Strategic Properties Group broke ground last month on Le Parc at Brickell, a 12-story, 128-unit luxury condominium located at 1600 SW 1st Avenue  in Miami’s upscale Brickell Financial District. The companies have released a publication  announcing the closing of a $19 million construction loan from Banco de Crédito e Inversiones Miami Branch.

ALTA Developers is a collaboration between Aconcagua, a publicly traded Chilean residential development firm involved in over 100 developments throughout Chile and Miami, and Archiplan USA,  a South Florida development company with major projects such as Metropolis at Dadeland, Quantum on the Bay and 900 Biscayne Bay on its list of previous projects. Strategic Properties Group is also a well-recognized South Florida development firm that has successfully completed several mixed-use projects throughout South Florida since 1995 such as the Vue at Brickell, Summit Brickell, and 610 Clematis.

Slated for completion late 2015, Le Parc at Brickell is located in the city’s urban core just blocks away from Brickell Avenue. Designed by Revuelta Architecture International, the eco-friendly boutique development will include several floor plans ranging from 545 to 2,198 square feet in size, with one to three bedrooms.  Numerous studio units and nine two-story townhomes will be available upon completion. The move-in ready luxury residences will offer views of Simpson Park and Biscayne Bay, as well as the Downtown Miami and Brickell skyline. The units will also feature 6-foot-deep private terraces with glass railings. The building’s common area interior designs and furnishings will be inspired by Ligne Roset, a French family-run luxury modern furniture manufacturer active since 1860. Le Parc at Brickell will be the luxury furniture designer’s first project in the United States. Buyers will have the option to order Ligne Roset’s custom-designed Turn-Key Furniture Lifestyle Packages for their residences.

Preconstruction condos range from the low $300,000s to the mid $700,000s.

Photo credits: ALTA-Strategic



Blanca Commercial Real Estate to Broker Leases at Douglas Entrance Office Park

2 May 2014, 11:28 pm

By Balazs Szekely, Associate Editor

Just over a month after Banyan Street Capital and Oaktree Capital Management LP paid $100.75 million to Pearlmark Real Estate for Douglas Entrance, the joint venture selected Blanca Commercial Real Estate as exclusive leasing agent for the 467,325 square foot, five-building landmark office campus at 800 S. Douglas Rd. in Coral Gables.

Based in Miami, Blanca provides brokerage and advisory services to owners and users of commercial real estate.  The company’s areas of practice include landlord and tenant representation, build-to-suit advisory services, as well as property acquisition and disposition.

Listed on the National Register of Historic Places, the mixed use campus is located at Douglas Road’s intersection with US Route 41, at the Phineas Paist designed Douglas Entrance built in 1924. The property received LEED-Silver certification five years ago and includes a mix of Class A high-rise office towers, street-level retail, boutique office suites and event space. Just a few blocks from Downtown Coral Gables and the Miracle Mile shopping and dining district, it offers convenient access to high-end retail shops, restaurants and hotels as well as to Miami International Airport and other important interchanges through the area’s major roads. Office spaces currently available for rent range from 1,300 to 30,000 square feet, with lease rates between $28 and $36 per square foot.

Tenants at Douglas Entrance Office Park have access to three parking spaces for every 1,000 square feet, complimentary shuttle and car service, ATM banking, shared tenant conference facilities, meeting and event space, a fitness center, on-site dining and catering and an outdoor courtyard plaza with Wi-Fi.

Image of Douglas Entrance Office Park, courtesy of Blanca Commercial Real Estate



Vista Pointe Apartments in Palm Springs Sold

25 Apr 2014, 5:38 pm

By Balazs Szekely, Associate Editor

The Vista Pointe community at 555 Kirk Road in Palm Springs, Fla. has recently changed hands for $18.11 million with the involvement of CBRE, which represented the seller, Riverfront Capital, in the transaction. Avesta Real Estate Fund I LLC is the new owner of the 314-unit apartment community.

The property is comprised of six three-story buildings situated on 9 acres of land. The 227 one-bedroom one-bath garden-style apartments and 87 two-bedroom, 1.5-bath units come out at a total of 238,862 gross square feet of rentable space. All units are equipped with central heating and air conditioning, offer wireless internet access and select units come with tile floors. Walk-in closets and private balconies or patios with courtyard views are also among the apartment offerings. The pet-friendly community also includes a clubhouse with free Wi-Fi, laundry facilities, business center, children’s playground, on-site fitness center, a multi-purpose sports court and a swimming pool with sundeck.

Calum Weaver, first vice president in CBRE’s Multi-Housing Private Capital Group considers the property “an exceptional value-add opportunity,” especially in the light of the current South Florida investment climate, where repositioning Class B and C properties has become a major tendency.

“With almost 3,500 annual net units absorbed and occupancies at 96 percent, the Palm Beach County market is ideal for investors to implement value-add improvements and still be positioned notably below Class A rents within the area,” he says.

Within 20 minutes of two major Palm Beach employment centers, downtown West Palm Beach and Boca Raton, the community is only a few miles to the beach and 1 mile from Interstate 95. Palm Beach Community College is also only a few miles away. Local shops are within walking distance and public transportation is also conveniently available. The community is 95 percent occupied.

Photo courtesy of Vista Pointe Apartments via Facebook



Golden Sands Oceanfront Development Site in Miami Beach Sold

18 Apr 2014, 4:25 pm

By Balazs Szekely, Associate Editor

CBRE Hotels has announced the sale of the former Golden Sands development site. A team comprised of CBRE Hotels representatives Christian Charre, Paul Weimer and Natalie J. Castillo along with CBRE Capital Markets brokers Robert Given and Gerard Yetming spoke for the seller—a subsidiary of Lehman Brothers—in the transaction. SMG/Shamrock and W Capital Group of Miami Beach teamed up to acquire the 0.93-acre parcel.

Located in the highly sought after residential North Beach neighborhood of Miami Beach the site received approval in 2005 to allow up to 40 residential units comprising 57,945 net sellable square feet, 2,887 square feet of retail and 55 parking spaces in a 20-story building. Adjacent to the Canyon Ranch Hotel & Spa, the vacant lot at 6901 Collins Avenue in Miami Beach, Fla. boasts over 125 feet of ocean frontage.

The venture intends to build a 14-unit boutique, luxury 20-story tower comprised of 4,500 square-foot exclusive residences, each occupying an entire floor. The top two floors of the tower will make up a single 7,000 square-foot penthouse residence and just like the other units below it, it will offer unique oceanfront and bay views.

Construction work is expected to kick off around the end of this year.

W Capital provides shareholder liquidity for private equity investments and purchases individual investments, portfolios of equity investments from private equity and venture capital firms, financial institutions and company founders. Since its inception the company has completed more than 70 transactions.

Photo credits: Google Maps



Krystal Logistics Relocates, Staying Loyal to Flagler Station

11 Apr 2014, 9:26 pm

By Balazs Szekely, Associate Editor

Krystal Logistics has outgrown its current facility at 10301 NW 108th Avenue in Flagler Station and plans to move to a 78,000 square-foot distribution facility, up from 46,000 square feet, by the end of the year. The new lease is also part of Flagler Station, at Building 36, which has yet to be built.

CBRE arranged the lease with David Albert, Devin White and Andrew Lehrer representing the tenant, which is an international freight forwarding and “non vessel operating common carrier” company offering worldwide integrated logistics solutions, with offices in the U.S., Panama, Ecuador and Peru. Chris Sutton of Flagler spoke for the landlord in the transaction.

Located in Miami-Dade County’s Airport West market, the master-planned Flagler Station is South Florida’s largest business park offering over 4 million square feet of Class-A office, warehouse, retail and showroom space and additional open land for build-to-suit opportunities. Its industrial buildings have rear-loading bays, up to 30-foot ceiling heights, and ten percent of space reserved for office use. It has direct railway access, and air and sea transport is just minutes away.

Devin White of CBRE sees great potential in the new building for the advancing logistics company.

“Krystal is in an expansion mode and this new space will help them grow efficiently under one roof while still providing future growth by utilizing the greater clear height,” he says.

The new space will provide Krystal with a custom-built office space, and the maximum available vertical space compared to their current 24-foot clear height. The new facility also comes with a secured truck court, direct exposure on the Florida Turnpike and trailer storage for up to 55 trailers.

Photo credits: Flagler Station



Trophy Bayfront Miami Beach Multifamily Site Has New Owner

4 Apr 2014, 6:08 pm

By Balazs Szekely, Associate Editor

The Boca Raton office of ARA announced the sale of a 1.1-acre waterfront development site at 6800 Indian Creek Drive in Miami Beach. The company spoke for the seller, Miami-based Windsor Capital, in the transaction.

Headquartered in Atlanta, ARA is a full-service investment advisory firm that is involved in the brokerage, financing and capital sourcing of multifamily properties. The assets ARA is focused on include conventional, affordable, distressed properties, notes sales, seniors, student and manufactured housing and multi-housing land. Over the past year, the company achieved a production volume of more than $10.2 billion in real estate transactions.

The land, which was sold for $11,250,000 to a private real estate investment group, was previously approved for an 80-unit, 14-story residential building with 18 proposed boat slips.

Troy Ballard, lead advisor on the transaction considers the latter feature an exceptionally important one.

“New marina approvals are extremely challenging. This makes boat slips a rare commodity,” he says.

Being one of the last waterfront residential locations that remained undeveloped in in this favored part of Miami Beach, the site takes pride in clear views of both the downtown skyline and Biscayne Bay. Its access to the beach, proximity to South Beach and Lincoln Road Mall, entertainment and shopping districts, numerous restaurants and a grocery store also earned the property a WalkScore of 83.

Image of downtown Miami skyline, courtesy of LonnyPaul via Wikimedia Commons



IHG Signs Third Hotel Indigo Location in Miami

24 Mar 2014, 5:39 am

By Balazs Szekely, Associate Editor

InterContinental Hotels Group will build a new $48 million hotel in Brickell that is expected to be ready by late 2016. Located at 145 SW 11th St., Hotel Indigo Miami Brickell marks the third hotel in IHG’s Hotel Indigo branded properties in South Florida. The Hotel Indigo brand has also made announcements recently about new properties set to open in three major European cities, Hotel Indigo St. Petersburg Tchaikovskogo, Hotel Indigo Madrid Gran Via and Hotel Indigo Rome St. George.

Just a few blocks from Downtown Miami and historic Brickell Avenue, the proposed 24-story, 140-room Hotel Indigo Miami Brickell is a joint-venture by HES Group and Sunview Companies. The Brickell neighborhood was once known as Miami’s “Millionaire’s Row” and the facility is designed to reflect the culture, character, and history of its surroundings, following the brand’s tradition.

“Brickell’s unique blend of arts, culture, business and technology ensures our guests will experience everything that makes this area special,” says Pedro Villar, CEO of Sunview Companies.

Guests will have access to a full restaurant, fitness center, and an outdoor pool with its own bar and grill and benefit from around 2,000 square feet of meeting space. Guestrooms will feature plush bedding, hard-surface flooring with area rugs, and spa-inspired bathrooms. The property will also be equipped with the brand’s trademark Neighborhood Guide, which is a modern electronic platform connecting guests to each other, providing information about the local neighborhood as well as the other Hotel Indigo locations around the world. The Miami Brickell hotel will also participate in Rewards Club, IHG’s guest loyalty program.

Image of Hotel Indigo Miami Lakes’ entrance, courtesy of InterContinental Hotels Group



Marina Palms Yacht Club & Residences Releases Plans for South Tower

24 Mar 2014, 5:00 am

By Balazs Szekely, Associate Editor

The north tower of the luxury condo project, Marina Palms, has recently sold out and developers decided it was time to unveil its second tower.

Located at 17201 Biscayne Boulevard on 14 acres with 750 feet of prime waterfront in North Miami Beach, Marina Palms is the first luxury condominium and full-service marina/yacht club development in Miami-Dade County in more than two decades. Developed by affiliates of The DevStar Group and The Plaza Group, the two residential towers will have a combined 468 luxury condo units on 25 floors each whilst the marina and yacht club will offer 112 slips and features berths for yachts up to 90 feet in length with full-time dock master and concierge.

The recently released south tower offers a selection of panoramic views to the Atlantic Ocean, the neighboring Greynolds Park, to Miami Beach and downtown Miami. It will include modified floor plans, updated interior design concepts for the common areas and feature a larger waterfront deck with an infinity edged pool. Every residence will be delivered with high-end finishes including Italian designer cabinetry, state of the art modern appliances and stone countertops everywhere.

Besides the full-time presence of a dock master, the marina will offer services such as vessel repairs, exclusive fuel service, a sundry store and dock-side WiFi.

Neil Fairman, president of The Plaza Group said the development team has been watching trends ever since the first tower’s sales started and is constantly responding to the market’s feedbacks.

“We’ve since learned what buyers value in this cycle and have made some changes to our second tower.  We introduced additional bathrooms to some floor plans, reoriented certain layouts and fine-tuned our interior design,” Fairman adds.

Photo credits: Marina Palms Yacht Club & Residences



Dell Corporation Signs Up New Tenant at Miramar Centre Facility

7 Mar 2014, 7:22 pm

By Balazs Szekely, Associate Editor

CBRE has recently arranged a 91,872-square-foot lease for Univita Health Inc. at Dell Corporation’s Miramar office/call center facility. The new tenant’s purpose with the lease is to consolidate its South Florida operations into one single, central location.

In the transaction, the landlord was represented by CBRE’s First Vice President Tom O’Loughlin and Executive Vice President Kevin Clifton with assistance from Harry Tangalakis and Larry Genet, also with CBRE. The long-term lease encompasses the entire building and is set to begin May 1, 2014.  CBRE succeeded in locating a tenant with Dell Corporation experiencing a downtime of only 30 days, allowing the company to avoid the cost associated with demising the space. President Jack Faintuch of Dell Corporation said in a release that the ownership is very pleased with CBRE’s marketing and brokerage services.

“As we expand our presence in South Florida, we look forward to growing our portfolio and are actively looking for new opportunities,” he says.

As part of the Miramar Centre Business Park, the Class A office/call center facility is located just west of Interstate 75’s intersection with Miramar Parkway. It was occupied by CVS/Caremark until quite recently.  The property’s open call center layout features 364 workstations, upgradable to 520. It is equipped with a drive-in door, two dock high doors and partially raised floor.  Additional features include full cafeteria, data center, full back-up generator and 7 parking spaces for every 1,000 square feet of space.

Photo credits: Industrial Developments International



A Dozen of Marina Palms Penthouse Residences Hit the Market

7 Mar 2014, 1:12 am

By Balazs Szekely, Assocate Editor

Douglas Elliman Real Estate launches the sales of 12 Sky Residence penthouse properties at Marina Palms Yacht Club and Residences.

Located at 17201 Biscayne Boulevard on 14 acres with 750 feet of prime waterfront in North Miami Beach, Marina Palms was designed by Slattery and Associates and developed by affiliates of The Plaza Group and The DevStar Group.  The community is Miami’s first luxury condominium and yacht club project to be constructed in more than two decades. The two residential towers will have a combined 468 luxury condo units on 25 floors each whilst the marina and yacht club will offer 112 slips and features berths for yachts up to 90 feet in length with full-time dock master and concierge.

Jay Parker, CEO of Douglas Elliman’s Florida brokerage is optimistic about the overall success of the project. “With such a tight supply of properties directly connected to a marina, these residences will receive a great deal of attention from the boating and yachting community,” he says.

Chad Carroll and Executive Vice President Chris Leavitt of Douglas Elliman Real Estate are the exclusive agents responsible for listing and marketing the 12 penthouse residences in Marina Palm’s north tower trophy Sky Residence Collection. The units are finished with imported Italian kitchen cabinetry with stone countertops, top-of-the-line bathroom fixtures, a complete array of electrical appliances, floating Italian bathroom vanities and frameless, glass-enclosed showers. The smart-technology ready residences also come with 8-foot-deep private terraces equipped with glass railings, walk-in closets, solid-core doors and sound-insulated walls. Prices start just above $1 million.

Photo credits: Douglas Elliman Real Estate







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