Blanca Commercial Tapped to Lease Courthouse Tower, 8200 Doral

By Georgiana Mihaila, Associate Editor

Courthouse Tower

Miami-based brokerage and advisory firm Blanca Commercial Real Estate has recently expanded its leasing portfolio to 2.5 million square feet by adding Miami’s Courthouse Tower and 8200 Doral.

“We are delighted to expand our agency-leasing portfolio with the addition of Courthouse Tower and 8200 Doral,” said Tere Blanca, president and CEO of Blanca Commercial Real Estate. “These assignments are located in two of the region’s most active submarkets: Miami’s thriving urban core and the always desirable City of Doral.”

Executive Vice President Juan Ruiz will spearhead leasing and marketing for both properties, alongside Executive Vice President Danet Linares at Courthouse Tower.

The 161,905-square-foot Courthouse Tower is a 25-story office building located at 44 West Flagler St., directly across from the Miami-Dade County Courthouse in downtown Miami. The recently-renovated Courthouse Tower lists as amenities a Sabadell United Bank branch on the first floor, ample surrounding parking and 24-hour on-site security, management and maintenance. The building offers approximately 45,274 square feet of immediate available space. Major tenants include City Year Miami and law firms Liebler, Gonzalez & Portuondo P.A. and Adams & Diaco P.A.

8200 Doral

Formerly Royal Palm Doral Center III, 8200 Doral is a 101,144-square-foot building located in the heart of Doral, just minutes from Miami International Airport and the Miami Intermodal Center, with convenient access to all major expressways. The building was recently awarded LEED Silver certification from the U.S. Green Building Council and has earned the EPA’s ENERGY STAR® rating. The building is owned by Royal Palm Building LLC, which fully paid off the asset’s remaining $16 million loan in 2010.

These two new assignments—totaling 263,000 square feet—strengthen Blanca Commercial Real Estate’s reach in two of the region’s most active submarkets: downtown Miami and Doral.

Images courtesy of Schwartz Media Strategies

Walmart Gets Final Approval for NW Miami-Dade Supercenter

By Georgiana Mihaila, Associate Editor

Adding to the list of nearly 20 new or expanded stores planned in the next couple of years across South Florida, the Miami-Dade County Community Zoning Appeals Board green-lighted Walmart’s plans of building a Supercenter in Northwest Miami-Dade. Set at NW 32 Avenue and 79 Street, the new retail center will activate a vacant site that has not been developed in over a decade. Easily accessible via public transit, the new store will sit steps away from the Northside Metrorail station.

The 186,000-square-foot Supercenter will feature a full selection of groceries, as well as a bakery, deli, frozen food section and meat, dairy and fresh produce sections. General merchandise areas include pharmacy, apparel, electronics, home, fine jewelry and health and beauty. It is estimated that the new retail center will employ up to 300 people upon completion.

“Walmart’s investment is a vote of confidence in this community and will bring a much-needed economic boost to an area that hasn’t experienced major development in a long time,” said Miami-Dade County Commissioner Jean Monestime, who represents Northwest Miami-Dade. “For the many residents who live in the neighborhood, the new employment opportunities and affordable prices at the Walmart Supercenter are welcome.”

Walmart has been operating stores in Miami-Dade County for 20 years and currently serves Kendall, Hialeah, Hialeah Gardens, Miami Gardens, Homestead, Florida City, North Miami and Doral. Construction on the Supercenter is set to start in 2013, with a completion date estimated for 2014.

Image courtesy of Schwartz Media Strategies

Terranova/Acadia Pay Record $139M for Lincoln Road Retail Portfolio

By Georgiana Mihaila, Associate Editor

In what seems to be Florida’s largest retail acquisition of 2012, Terranova Corporation and Acadia Realty Trust paid $139 million for a three-building portfolio on Lincoln Road in Miami Beach. This addition of 801, 826 and 719 Lincoln Road to the Terranova/Acadia portfolio makes them the largest pure retail owner on the block.

The Miami Herald reports that the deal is being billed as the largest retail acquisition in Florida during 2012 in terms of dollar value, trumping Vornado Realty Trust’s $132 million purchase in July of 1100 Lincoln Road. The properties include a Fossil, Dylan’s Candy and Kiehl’s.

“These properties have huge upside as lease rates roll up to market,” said Terranova Chairman Stephen Bittel. “We look forward to bringing the best retailers in the world to join the impressive collection already on Lincoln Road.”

He added: “The only thing better than adding to our market-leading position on Lincoln Road is to once again be growing with Acadia as our partner. Their national urban high-street portfolio blends perfectly with Lincoln Road and enables them to add so much more than just capital to our joint investment.”

Back in February 2011, the two companies bought another three-building Lincoln Street portfolio consisting of 61,000 square foot of retail space for approximately $52 million. Since then, the company has brought to the area an Armani Jeans store and an Asian-themed Khong River restaurant.

Lincoln Road, an eight-block open-air pedestrian mall between Alton Road and Washington Avenue, is a popular destination for south Florida residents and tourists alike, featuring high-end restaurants, boutiques and bars where shoppers and diners can expect to enjoy the most modern shopping and entertainment paired with a lively nightlife scene. The street generates some of the highest per-square-foot sales in Florida as one of the only 24-hour retail destinations.

Moreover, Lincoln Road recently received international acclaim with the opening of H & M on Pennsylvania and Lincoln Roads. This coupled with the New World Symphony entertainment venue and the just-opened Forever 21 store has kept the eyes of world-class retailers sharply focused on the venue, which boasts daily pedestrian traffic estimated at over 25,000 people and retailers regularly reporting fashion sales of over $1,000 per square foot.

Image via PRNewswire

South Florida Hospitality Sector in Spotlight as Two Luxury Hotels Trade

By Georgiana Mihaila, Associate Editor

As a diverse mix of leisure and business travel drives strong hotel performance in the Southeast, investors seem to be more and more eager to enter the South Florida hospitality market. Given that the state’s leisure travel drove a 3.3 percent increase in room demand in the first half of the year, three times as many economy hotels changed hands over the past 12 months than in the preceding period, a recent Marcus & Millichap report finds. Luxury hotels didn’t fall behind either.

Among the properties to trade is the Sofitel Miami Hotel, recently acquired by the Laurus Corporation. The 14-story luxury property sits on 10 acres with a total of 281 rooms and 17,351 square feet of meeting and event space. The site also includes an additional 1.3 acres that allows for the potential development of either a build-to-suit Class A office building or an additional 100 guestrooms.

Located at 5800 Blue Lagoon Dr.—adjacent to Miami International Airport and the Waterford business park—the Sofitel Miami Hotel was built in 1986 but underwent a renovation process in 2000. Nevertheless, Laurus plans to invest approximately $4.5 million in implementing a renovation program to upgrade the property.

David Aim of AIMCAP and partner Robert Kaliner of Ascend Group also successfully acquired the full-service and all-suite Atlantic Hotel in Fort Lauderdale this past week.

The Atlantic Hotel and Spa is a Mediterranean-style luxury condominium hotel project with as many as 124 residential units. Located in the heart of Florida’s Gold Coast overlooking 23 miles of beach, the hotel features upscale amenities that include a 10,000-square-foot European-style spa and fitness center, heated outdoor pool and whirlpool, and 24-hour room and concierge service.

“This acquisition was part of Ascend Group’s strategic plan to increase its portfolio position in the luxury sector of both residential and commercial properties,” said Robert Kaliner, chief of Ascend Group. “We are excited about continuing to make this spectacular property the best asset in Florida.”

AIMCAP has big plans for the resort and will be adding improvements to the lobby, restaurant and other facilities, as well as other additions that have yet to be announced.

Images: The Atlantic Hotel and Spa via Google Images

RLJ Lodging Agrees to Pay $71.6M for New Hilton in Miami Beach

By Georgiana Mihaila, Associate Editor

The yet-to-be-completed, 231-room Hilton Cabana Miami Beach will soon have new owners, as RLJ Lodging Trust recently announced that it has entered into a purchase and sale agreement to acquire the property upon completion for $71.6 million.

The hotel, which first opened in the early 1950s, was closed and gutted in 2007 in anticipation of a condominium conversion. As the conversion plan proved itself unsuccessful, the property went into foreclosure. The current owner purchased the property in 2011 with plans of developing a new hotel, set for completion in the fourth quarter of 2013.

Hilton Cabana Miami Beach will be located directly on the beach and benefit from a prime location along the 6200 block of Collins Avenue. Buyer RLJ Lodging Trust is also confident that the hotel’s association with a premium brand such as Hilton will yield strong demand from brand-loyal guests seeking accommodations in the area.

“We are thrilled to be entering the Miami Beach market. We see this acquisition as an excellent opportunity to enter a gateway market with multiple demand generators,” commented Thomas J. Baltimore, Jr., president and chief executive officer of RLJ Lodging Trust. “Furthermore, the Hilton brand is underrepresented in this market, which should provide for outsized performance from this hotel.”

According to Smith Travel Research, there are currently two Hilton-affiliated hotels that represent approximately one percent of the total rooms in the Miami Beach market. RLJ Lodging believes that Hilton Cabana Miami Beach will benefit from Miami’s steadily increasing transient demand, robust convention activity and strong ties to Latin America.

The Miami market, one of the top-ranked lodging markets in the nation, garners one of the highest average daily rates and one of the highest revenues per available room of any U.S. city, and is surpassed only by New York, Oahu Island and San Francisco.

Upon entering the agreement, RLJ Lodging Trust committed to a $7.2 million deposit that will be refunded if the hotel is not completed.

Image courtesy of TripAdvisor

Related Group Buys $18.5M Mixed-Use Development Site

By Georgiana Mihaila, Associate Editor

Another Related Group apartment development could rise at the intersection of Coral Way and South Miami Avenue, as the company recently closed on the $18.5 million purchase of a 1.29-acre mixed-use development site. The site is approved for the development of a 556-unit residential tower plus 15,049 square feet of retail space and 38,357 square feet of office space.

Located at SW 13th Street, the 1300 South Miami Avenue development site is close to the Mary Brickell Village and Brickell Citi Centre projects, as well as Interstate 95 in the Brickell financial district.

Seller South Miami Ave. LLC, an investment group led by Miami-based Alex Vadia, was represented in the transaction by Holliday Fenoglio-Fowler’s executive managing director Manny de Zárraga and Director Jaret Turkell. The privately-held Related Group has built and managed more than 80,000 condominium and apartment residences in major markets throughout Florida since its inception in 1979.

The developer has many other South Florida multifamily developments currently underway, among which are high-profile projects such as MyBrickell, the 28-story upscale condo development in Brickell; the One Ocean condo project, set in the red-hot South of Fifth neighborhood of South Beach; and Italian luxury condo, 1100 Millecento Residences. The Related Group has not yet given any details concerning upcoming development on the 1.29-acre site.

According to a recent Marcus & Millichap report focused on the Miami apartment market, approximately 600 units are under way and on course for delivery in 2013. The pipeline of planned rental projects has swelled from about 4,000 units earlier this year to 6,100 apartments at the end of the third quarter. In addition, about 6,500 condominiums are planned in the county.

Chart courtesy of Marcus & Millichap

Blanca CRE Tapped to Lease Office Component of Shops at Sunset Place

By Georgiana Mihaila, Associate Editor

Simon Property Group has selected Miami-based Blanca Commercial Real Estate as the exclusive agent for 100,000 square feet of space that will be re-purposed for office, medical and related uses at the Shops at Sunset Place.

The Shops at Sunset Place, Simon Property Group’s 514,000-square-foot retail complex in South Miami, is one of the top shopping, entertainment and dining complexes in South Florida. The re-purposed space, located at the corner and intersection of U.S. 1 and Red Road (SW 57^th Avenue), is available immediately.

According to an official company announcement, CEO Tere Blanca will lead the marketing efforts and be assisted by Executive Vice President Alison Pages and Associate Vice President Alexander Cahlin.

“The Shops at Sunset Place anchors one of Miami’s most desirable and pedestrian-friendly neighborhoods,” Ms. Blanca says. “South Miami is home to a critical mass of shops, restaurant and entertainment options. The missing component is flexible commercial space that we can now offer to companies of all sizes.”

The repositioned space may be built-out to suit tenants’ specific requirements, and users will have access to a reserved parking area in the property’s garage. Signage directly facing U.S. 1 will be available for anchor tenants.

Since opening in 1999 as South Miami’s first open-air retail marketplace, the Shops at Sunset Place has emerged as a key destination for shopping, entertainment and dining, with current tenants including AMC Theatres, LA Fitness, Barnes & Noble Booksellers and Splitsville Luxury Lanes and Dinner Lounge.

Image courtesy of Schwartz Media Strategies

South Florida Multifamily Properties Trade for Combined Price of $100M

By Georgiana Mihaila, Associate Editor

Behringer Harvard’s 560-unit Parrot’s Landing recently changed ownership, as a Toronto-based real estate investment recently paid $56.3 million for the North Lauderdale property. The Boca Raton office of ARA brokered the sale of Parrot’s Landing, which was managed by a team including Avery Klann, Marc deBaptiste and Hampton Beebe.

Parrot’s Landing has been a part of Behringer Harvard’s portfolio since 2010, when the company had acquired a 90 percent ownership interest through a joint venture between Behringer Harvard Opportunity REIT II Inc.—a public non-listed real estate investment trust—and Grand Peaks Properties, a Denver-based real estate firm that acquired a 10 percent ownership interest and managed the property.

“Parrot’s Landing is an excellent example of our investment strategy at work, from acquisition to disposition,” said Michael O’Hanlon, CEO of Behringer Harvard Opportunity REIT II Inc. “We acquired it at a compelling basis and have been pleased with its performance in terms of sustained occupancy and net operating income, which exceeded expectations.”

Located in North Lauderdale—a suburb in central Broward County approximately 10 miles northwest of Fort Lauderdale—the multifamily community comprises 24 three-story residential buildings constructed in two phases, three swimming pools, a fitness center, a car-care center and a lighted tennis court. Units feature up to three bedrooms and two baths and average 927 square feet.

Another South Florida multifamily that changed hands this past week was the 396-unit Greenwich Park Apartments in North Miami. The buyer, an affiliate of Waterton Residential, paid $42.5 million for the 1550 NE 123rd St. property, according to the South Florida Business Journal. The seller was Real Estate Capital Partners.

Image Parrot’s Landing via Homes.com

$12M Parkview Gardens Affordable Community Opens in Liberty City

By Georgiana Mihaila, Associate Editor

Over 200 low-income residents will now benefit from affordable housing, as a brand new affordable housing complex recently opened its doors in Miami’s Liberty City neighborhood. Developed by Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, along with Tacolcy Economic Development Corporation and the Florida Housing Finance Corporation, the new Parkview Gardens community began welcoming residents on October 30. The special reception and ribbon-cutting ceremony was attended by Miami Mayor Tomas Regalado, County Commissioner Audrey Edmonson and former County Commissioner Dr. Barbara Carey-Shuler.

“Parkview Gardens is a great example of a project that provides a safe place for people in need of a permanent place to live within the community, while also stimulating the local economy,” said Stephanie Berman-Eisenberg, president of Carrfour Supportive Housing. “We built this project with the intention of creating a modern, secure and affordable living environment for families while serving as a catalyst for revitalizing one of Miami-Dade’s most distressed neighborhoods.”

Located at 1437 NW 61st St. in the heart of Miami-Dade County’s Liberty City neighborhood, Parkview Gardens consists of 60 garden-style apartment units designated for low-income families and individuals. With preference given to local Liberty City residents and area veterans, the $12 million development provides housing for tenants earning at or below 60 percent of the area’s median income (AMI), with six units set aside for those earning at or below 33 percent of the AMI.

With units ranging in size from one to three-bedroom apartments, Parkview Gardens consists of six three-story residential buildings, a community center and a two-story parking garage. Amenities include a children’s playground, exercise room, computer lab, library and picnic area.

The City of Miami provided about $343,000 in HOME funding for the development of Parkview Gardens, as well as several parcels of land on which the project was built. Miami-Dade County provided $1,600,000 in surtax funding. First Housing and JP Morgan Chase Bank served as funding partners, while RBC Capital Markets served as equity provider for the project. Crossroads Management, Inc.—a property management subsidiary of Carrfour Supportive Housing—will serve as manager of the property.

Images courtesy of Schwartz Media Strategies

Millicom International Leaves Fort Lauderdale Digs for Coral Gables’ 396 Alhambra

By Georgiana Mihaila, Associate Editor

Global telecommunications company Millicom International will soon be relocating its Fort Lauderdale office to 396 Alhambra—Agave Holdings’ new mixed-use development in Coral Gables. Millicom International Services LLC, the Florida arm of Swedish-listed cellular provider Millicom International Cellular, has signed a lease for 22,280 square feet of Class A office space on two full floors in 396 Alhambra’s North Tower. Financial terms of the lease were not disclosed.

Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented landlord 396 Alhambra LLC in the transaction, while Keith Edelman and Scott Goldstein of Jones Lang LaSalle Americas Inc. represented Millicom.

With approximately 282,000 square feet of rentable office and prime street-level retail/restaurant space, 396 Alhambra is the largest mixed-use project to take shape in Coral Gables in years. With the completion of Millicom’s lease at 396 Alhambra, the office tower is now 53 percent leased less than one year since delivering to the market.

Millicom will join a number of existing tenants including HBO Latin America, whose 66,000-square-foot lease was the largest office transaction in Coral Gables in 2011; law firm Richman Greer P.A.; Banco Pichincha; CitiBank N.A.; architecture firm RTKL Associates; and others.

Designed by Miami-based architectural firm The Fullerton Group and constructed by Balfour Beatty, 396 Alhambra boasts Spanish-influenced architecture and top-quality building materials, including marble from the original quarry for the Alhambra palace in Spain.

Conveniently located in the heart of the Coral Gables business district, 396 Alhambra also stands out for its sustainable features. The project’s newly-constructed 163,000-square-foot North Tower has been pre-certified LEED Gold by the United States Green Building Council, and the existing 85,000 square foot South Tower has been designed to achieve LEED Silver certification.

Image courtesy of Schwartz Media Strategies

International Developer Gets Approval for $412M Downtown Mixed-Use Project

By Georgiana Mihaila, Associate Editor

Espacio USA will soon move forward with its first major US investment, as the company’s latest mixed-use project—planned for Downtown Miami’s Omni area—recently received city approval. The company envisions a $412 million development consisting of a 12-story, 103,000-square-foot Class A boutique office building designed to achieve LEED Gold certification and a 55-story luxury residential condominium tower with prime street-level retail.

Located on the 14th block of Biscayne Boulevard, the development will be set in the very heart of Miami’s cultural arts and entertainment district, just north of the Adrienne Arsht Center for the Performing Arts.

The mixed-use urban development also marks the return of world renowned architecture firm Pei Cobb Freed & Partners to Miami after designing the iconic, color-changing Miami Tower. With construction set to begin in the first quarter of 2013, the project’s completion is expected to take five years.

International developer Espacio USA—the American division of Spain-based real estate firm Inmobiliaria Espacio—is not a complete stranger to the Miami market. The company completed the $35 million acquisition of a 150,000-square-foot office and retail building on the 14th block of Biscayne Boulevard in 2010.

“Two years ago, we began investing in Downtown Miami and attracting new office tenants, and now we are entering the next phase of our plans to help revitalize Omni by bringing a Class A product to an underutilized area,” explains Alberto Muñoz, CEO of Espacio USA. “With an iconic design and a healthy mix of residential and commercial uses, the development will serve as an anchor for its neighborhood while bringing an additional economic boost to downtown Miami.”

The project marks the first major development to take off in the Omni area since the last real estate boom. The project will initiate development as downtown Miami rebounds with strong demand for residential and commercial product. The area’s inventory of new, unsold condo units has dropped below 2,900 units as of June 30, 2012, a decrease of 30 percent from a year ago, according to a recent Market Trend Update from the Miami Downtown Development Authority (DDA).

Image courtesy of Schwartz Media Strategies

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Miami Welcomes First LEED-certified Hotel

By Georgiana Mihaila, Associate Editor

The 221-room Hampton Inn & Suites Miami Brickell-Downtown was recently awarded LEED Silver certification by the U.S. Green Building Council, becoming the first LEED-certified hotel within the city of Miami. Located at 50 S.W. 12th Street in Downtown Miami’s Brickell Financial District, the Hampton Inn & Suites is owned by Hospitality Operations Inc. and managed by Tennessee-based management group Hospitality America Inc.

Less than one year after opening its doors, there is evidence the hotel’s green investments are paying off. Overall energy savings are 16 percent below the property’s initial budget and 20 percent below LEED baseline building performance requirements.

Actual water consumption is 17 percent below budget thanks to low-flow water fixtures, efficient washing machines and a 35,000-gallon cistern that harvests rainwater for irrigation purposes. Natural gas costs are 49 percent below budget, the result of high-efficiency boilers and a laundry system that uses less hot water and reduces drying time. And electricity costs, the largest source of energy consumption for hotels, are 11 percent below budget.

In addition to its eco-friendly design and construction features, the Hampton Inn & Suites Miami Brickell-Downtown is centrally located within walking distance to several public transit systems—with Metromover and Metrorail stations less than a block away from the hotel. Guests also have direct train access to and from Miami International Airport with the new AirportLink, a 2.4-mile extension of the Metrorail system. The hotel’s close proximity to dozens of retail, restaurant and entertainment options creates a pedestrian-friendly atmosphere.

“Downtown Miami is one of the world’s most dynamic hotel markets, with more and more visitors from around the world looking to our urban core as a destination each year,” said Miami Mayor Tomas Regalado. “Given this growth and international appeal, it’s only fitting that downtown is now home to our city’s first LEED-certified hotel. The Hampton Inn & Suites has set a new standard for hotel development in the city of Miami, and we hope to see a shift toward green design and construction across the broader hotel market.”

Image Courtesy of Schwartz Media Strategies

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Related Group Breaks Ground on Italian Luxury Condo

By Georgiana Mihaila, Associate Editor

On Wednesday, The Related Group celebrated the groundbreaking of its latest Miami project—the 382-unit 1100 Millecento Residences. This is second Related Group project for the Brickell area, following its famous MyBrickell.

The 42-story high-rise condo building is inspired by the work of Italian automobile designer, Pininfarina, who has designed of some of the world’s most famous premium automobiles, such as the Ferrari California and Maserati GranTurismo. Pininfarina will also furnish and design the interior of the building and amenities, using the finest woods and luxury leathers to create a level of premium Italian luxury.

1100 Millecento’s exterior is conceptualized by world-renowned architect Carlos Ott, who has designed several famous luxury buildings such as Jade Ocean and 50 Biscayne.

The 382 units will feature nine-foot ceilings on the regular floors and 10-foot ceilings on the penthouse levels. All residences will feature smart building technology pre-wired for high-speed internet access and cable data/TV access. Units will also feature large balconies with hurricane resistant glass railings for unobstructed city and bay views, as well as energy efficient hurricane resistant windows and sliding doors.

1100 Millecento will provide a double-wide class A lobby with 24 hour security and concierge. Residents will be provided with an assigned parking space in the garage for their car with valet service for guests.

Located in the upscale Brickell district—Miami’s financial center and a banking hub to many of Latin American countries—1100 Millecentro will be situated on the most southeastern section of South Florida, with borders along Biscayne Bay.

The development will take full advantage to the already built Mary Brickell Village. Mary Brickell Village is a two-story street level mall located right next to the building. Two main tenants currently occupy the property—Publix and La Fitness—along with other small fashion boutique stores and small spas/saloons.

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Miami Tower Adds Dramatic LED Lighting to Skyline

By Georgiana Mihaila, Associate Editor

Miami Tower is set to establish itself as an iconic symbol of the city by adding an LED Exterior Lighting system meant to both considerably reduce energy use and add a dramatic new look. The advanced system will reduce related lighting energy usage by 92 percent, save tenants and the building’s owner nearly $260,000 per year in energy and related operating costs, and reduce CO2 emissions by more than 1.2 million pounds.

The cutting-edge LED lighting will also allow for custom light shows at the push of a button in support of tenants, holidays, civic and charitable groups, and other organizations looking to promote or commemorate special events.

The installation team replaced 382 metal halide lights that consumed 1,000 watts each and were limited to only a few static colors with 216 ultra-modern LED fixtures able to produce 16 million colors and hundreds of dynamic lighting effects. The system is managed by a software application that allows operators to change the tower lighting at a keystroke and virtually in real-time.

“Adopting the latest in building technologies is key to achieving greater energy efficiency, reducing our environmental footprint, and reinforcing Miami Tower’s position as the premier building on Miami’s skyline,” said Jones Lang LaSalle’s Tom Matese, general manager of Miami Tower. “The new lighting system will also allow us to reflect our civic pride and celebrate events of importance to the community with customized light shows.”

The exterior lighting retrofit is the most prominent element of a broader initiative at Miami Tower to follow sustainable management practices by reducing energy and water usage.

Already an icon in the Miami-Dade skyline, the I.M Pei-designed Miami Tower stands 47 stories tall and offers 623,000 square feet of commercial space. It features a world-class array of upscale amenities and personalized tenant services, while also providing the best access to I-95 and an on-site MetroMover station.

Image courtesy of Jones Lang LaSalle

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Perez Trading Signs One of 2012′s Largest Industrial Leases in Miami

By Georgiana Mihaila, Associate Editor

Paper and packaging company Perez Trading recently signed for 280,601 square feet at Prologis Gratigny Industrial Park in what seems to be one of South Florida’s largest industrial leases of the year. Following the signing, the two-million-square-foot Prologis Gratiny Industrial Park—located at 3380 NW 114th St. in Miami—is now 100 percent occupied. The convenient location provides rail access through the CSX railway, a key convenience in the paper and packaging company’s daily operations.

According to the South Florida Business Journal, Perez Trading will immediately occupy the bulk distribution warehouse space, which is close to its corporate headquarters. The deal comes just a few weeks after the previous 2012 high, a 200,214-square-foot lease by AeroTurbine in Broward.

Landlord Prologis was represented by Cushman & Wakefield directors Brian Smith and Audley Bosch. Jones Lang LaSalle Managing Director Steve Medwin and Vice President Nick Wigoda represented Perez Trading. The deal is the latest for Smith and Bosch, who have completed more than 1.2 million square feet of deals valued at more than $46 million so far in 2012. The team previously represented the park in a 33,500-square-foot lease by Falcon Distribution earlier this year.

The Business Journal reports that Smith and Bosch were also behind deals such as Prologis’ sale of 65,000 square feet at 3200 NW 107th St. to Jet Aviation Specialists, Crowley Logistics’ 37,000-square-foot lease expansion at Flagler in Medley, Logitech Industries’ 56,000-square-foot-lease at 3300 NW 110th St. in Miami, KTR Capital Partners’ 29,374-square-foot lease to Wencor at 2000 NW 97th Ave. and Seagis Property Group LP’s 85,344-square-foot lease at 2900 NW 112th Ave.

Image courtesy of Loopnet

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Opening Nears for NSU’s New $50M Research Facility

By Georgiana Mihaila, Associate Editor

According to an official announcement made by Nova Southeastern University, its Center of Excellence for Coral Reef Ecosystems Research—the largest coral research center in the country—will have its grand opening on September 27. As a multi-disciplinary facility, the 86,000-square-foot center will be generating information and research products to help understand, conserve and protect coral reef ecosystems.

In addition to having laboratories and sophisticated equipment, the center has been equipped with space for research collaboration, training and fieldwork staging, a marine science library and an 85-seat auditorium. The building’s design promotes research by current and new faculty, researchers, visiting scientists, post-doctoral fellows and graduate students. Located in Hollywood, Fla., the facility’s development called for an investment of $50 million.

The Center of Excellence for Coral Reef Ecosystems Research has created 22 new academic jobs and 300 construction jobs, and will employ 50 graduate students in addition to preserving 22 existing academic jobs. NSU received a $15 million competitive grant from the U.S. Department of Commerce (using funding from the American Recovery and Reinvestment Act of 2009) to build the center, while the university funded the rest of the project.

Florida is home to 84 percent of the nation’s reef ecosystems.  These contribute over $6 billion annually to South Florida’s economy and result in over 71,000 jobs such as restaurants, hotels, retail, cruise lines, dive shops, tour group operators, researchers, academia, public sector, etc. Small business owners such as Frank Gernert, owner of the popular Fort Lauderdale waterfront restaurant Coconuts, depend heavily on tourists who come to Florida for recreation on the reefs and, in turn, patronize his restaurant.

“Nova Southeastern University’s coral reef research center will help sustain and preserve the reefs, which will then help many small business owners like me to continue to survive,” Gernert said. “The coral reef industry is invaluable environmentally and economically.”

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Miami’s 1450 Brickell Wins ‘Project of the Year’ Distinction

By Georgiana Mihaila, Associate Editor

Based on its mixed-use/pedestrian-friendly character, coupled with focus on sustainable design and construction, Rilea Group’s 1450 Brickell office tower was named ‘Project of the Year’ by Urban Land Institute’s SE Florida/Caribbean District Council.

The ‘Project of the Year’ distinction—widely considered the land-use and development industry’s top honor—recognizes real estate projects that best embodies the mission of the Urban Land Institute: ensuring the responsible use of land in an effort to create sustainable, thriving communities around the world. The award was presented during the District Council’s 2012 Vision Awards held on August 29, 2012 at the JW Marriott Marquis Miami.

The office tower came in first while contending with other notable finalists, including Miami’s Marlins Park, the Florida Atlantic University College of Engineering & Computer Science building in Boca Raton, Miami-Dade County’s Brownsville Transit Village affordable housing development, the City of Doral’s Government Center and the Bahia Beach Resort & Golf Club in Rio Grande, Puerto Rico.

1450 Brickell was developed by Rilea Group, along with the adjacent One Broadway luxury apartment building. Located at the entrance to the Brickell Financial District  between Brickell Avenue and South Miami Avenue at the intersection of Southeast 15th Street, the mixed-use complex includes approximately 583,000 square feet of Class A office space, 410,000 square feet of residential space for 371 units and more than 35,000 square feet of ground floor restaurant/retail space.

The building became the City of Miami’s first newly built office tower to achieve LEED Gold status in 2010.

Merely two years after opening its doors, 1450 Brickell reached 94 percent occupancy, gaining a tenant roster that includes JP Morgan Chase, HJ Heinz Company, Longchamp, Bilzin Sumberg, BNY/Mellon and American Express. The neighboring One Broadway building is also 98 percent occupied, and the complex’s street-level retail product is fully occupied and open for business. Restaurant tenants include PM Fish & Steak House, Brickell Irish Pub, Pieduck’s Pizza and TIKL Raw Bar & Grill.

Image Courtesy of Schwartz Media Strategies

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$58M Financing in Place for Boca Raton Mixed-Use Project

By Georgiana Mihaila, Associate Editor

According to an official announcement, HC Real Estate Capital has arranged $58 million in financing for Boca Raton’s Royal Palm Place and Plaza. Financing was arranged through a Life Company relationship, and the seven-year loan is interest-only at a competitive fixed interest rate. The project will replace a maturing facility on the property.

“The 98.5 percent occupied Royal Palm Place & Plaza is the crown jewel in the borrower’s portfolio,” said Chris Caveglia, principal at HC Real Estate Capital. “The borrower is taking advantage of the low-interest-rate environment we are currently in.”

Kurt Hoffmann of HC Real Estate Capital assisted Chris Caveglia in arranging the financing.

Royal Palm Place and Plaza is a 14-acre mixed-use development located half a mile from the ocean.  It is made up of two sections: an outdoor mall and two buildings that comprise retail and office spaces, as well as 187 luxury rental residences. The outdoor shopping mall section is a historic destination, originally built in the 1960′s and standing as one of the first malls in the area. The new section of the plaza, Plaza Real South, was built in two phases in 2005 on the site of the old Antique Mall.

HC Real Estate Capital LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. Based in Delray Beach, Fla., HC Real Estate Capital arranges permanent and bridge commercial and multifamily real estate loans. The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks.

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Developers Announce New Pompano Beach Distribution Center

By Georgiana Mihaila, Associate Editor

Pompano Beach will soon house a new distribution center, as Weeks Robinson Properties and Jeremy Shapiro of Miami-based Mainstream Investment Realty have unveiled their Class A speculative industrial project at 3901 NE 12th Ave. To be set in the heart of Broward County’s Pompano Beach industrial submarket, the Pompano Beach Distribution Center will total 202,000 square feet and will feature a 32’ clear height, an Early Suppression Fast Response (ESPR) sprinkler system and 180’ truck courts.

The building will accommodate users needing 20,000 square feet and up. Site work and building development will be underway within the next 60 days, with an expected completion date of April 2013.

“We are very happy to re-enter the South Florida industrial market with our local partner, Jeremy Shapiro,” said Forrest Robinson, CEO of Weeks Robinson Properties. “The strength of the South Florida industrial market is reflected by many characteristics: a barrier to entry for new development, completion of the Port of Miami’s new tunnel and dredging project and South Florida’s strategic location as the gateway to Latin America and the Caribbean.”

Robinson adds: “Given the continued low vacancy rates in the Pompano Beach submarket, trending increases in lease rates and the extremely limited amount of new products under construction, we expect to see strong interest in this development.”

Randall Paulson Architecture is designing the project, and Itasca Construction is the contractor for development. Leasing for Pompano Beach Distribution Center is being handled by Rick Etner, Sky Groden and Christopher Metzger of the Ft. Lauderdale Cushman & Wakefield Industrial Group.

As stated by Robinson, South Florida’s strong ties to Latin America will enable its industrial property sector to maintain its status as having one of the the lowest vacancy rates among port markets in the country. Miami-Dade county in particular is doing quite well in the industrial sector, as quickly improving property performance continues to sustain a flow of deals across all price points and building sizes, according to a recent Marcus & Millichap.

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Benihana to Sell 13 Restaurants for $47M; BMI Refinances Town Center One

By Georgiana Mihaila, Associate Editor

Miami-based Japanese restaurant chain Benihana held the headlines this week after signing a deal with Cole Real Estate Investments to sell 13 of its locations for $47.4 million. Benihana, which plans on leasing back the properties, made the announcement in its public filling earlier this week but has yet to mention the location of the restaurants.

According to the South Florida Business Journal, the company operates 95 restaurants, but the 13 properties currently under contract are the only locations where Benihana actually owns the buildings, while the rest of them are leased. Public records show that one of the owned restaurants is located at 276 E. Commercial Blvd. in Lauderdale-by-the-Sea, while another is at 1665 79^th Street Causeway in North Bay Village.

Benihana Inc., a leading operator of Japanese-theme and sushi restaurants, has a pending deal to be acquired by a group of funds managed by the Angelo, Gordon & Co. Private Equity Group for the reported amount of $296 million. The company hopes to complete the sale to Cole Real Estate Investments at the same time it is taken private.

In other real estate news, financial services firm BMI Financial Group has finalized an agreement with Dadeland Parcel C LLC—owner of the Town Center One office tower in Miami’s Downtown Dadeland submarket—to refinance the 24-story, Class A office building.

BMI, which is also the building’s anchor tenant, will acquire and extend Town Center One’s existing mortgage loan from Wells Fargo Bank. Dadeland Parcel C LLC will maintain ownership and management of the building, and Blanca Commercial Real Estate will continue to spearhead sales and leasing efforts.

The 210,992-square-foot Town Center One, developed by Dayco Group in 2009, has approximately 98,000 square feet available for lease—including 52,000 square feet on three contiguous floors—ranking among the largest blocks of available Class A space outside the Miami Central Business District. BMI Companies currently owns and occupies the top two floors of the building, which serve as its international headquarters. Other tenants include Clear Choice, Inca Investments and executive suites operator Anex Offices.

Located directly off Kendall Drive at 8950 Southwest 74 Court in Miami, the building is adjacent to downtown Dadeland—directly across the street from Dadeland Mall and within walking distance of two Marriott hotels. Town Center One is serviced by an on-site parking garage that offers a parking ratio of 3.8 spaces per 1,000 rentable square feet.

Image courtesy of Schwartz Media Strategies

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