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Jupiter Reserve Shopping Center Acquired by Elion Partners’ New Fund

30 Jun 2014, 3:23 am

By Balazs Szekely, Associate Editor

Jupiter Reserve has recently been acquired by Elion Real Estate Fund III LP. The 43,172-square-foot neighborhood shopping center is located at 901 West Indiantown Road, Palm Beach County, at the corner of Pennock Lane.

The buyer is the latest fund raised and advised by Elion Partners, a real estate investment firm acquiring and developing a wide range of properties in strategic locations and providing real estate equity for developers and operators throughout the United States. The company has interest in a variety of asset types including industrial, office, retail, multifamily and mixed-use properties alike.

The transaction was sourced off-market through Atlantic Retail Properties, who represented both parties in the transaction. Atlantic Retail Properties was also assigned to market the property in the future and the center will be managed by Transwestern Commercial Services. According to a written announcement recently released by Elion, this is the firm’s second acquisition in Jupiter as it has acquired the nearby Fisherman’s Wharf plaza, and also its third transaction through this new fund as it has closed on two investments earlier this year in Washington D.C. and Boston, MA. Juan DeAngulo, Managing Partner at Elion considers the facility a fit with the Fund’s strategy to acquire stabilized assets with significant cash flow while providing an opportunity for value enhancement.

“With significant barriers to entry due to the lack of developable land, Jupiter is an excellent market for these kinds of investment opportunities, and Elion allows our investors to take advantage of them quickly and efficiently,” he says.

Situated along the area’s major retail corridor, the four-acre property is around 2,5 miles east of Interstate 95. Jupiter Reserve is 93.6 percent leased with companies like Petco, T-Mobile, Vitamin Shoppe, Pizza Hut, Edible Arrangements and LabCorp of America on its list of tenants.

Image courtesy of Elion Partners



Luxury Condos at The Edge on Brickell Hit the Market

20 Jun 2014, 5:00 pm

By Balazs Szekely, Associate Editor

The Edge on Brickell condominium has announced that it is launching sales. The project is the only new luxury residential development on the waterfront of Miami River.

The 58-story, 127-unit residential tower is being built by a partnership between two Mexican-born specialists, architect and developer Rafael Aragonés and developer Alberto Espinosa. Aragonés brings in over 30 years of experience and Espinosa also has more than 20 years of real estate development experience behind his back.

Built on 631 feet of river waterfront at 55 SW Miami Avenue Road, the property is adjacent to the Brickell area, within walking distance of numerous entertainment and retail venues. The selection of units includes two- and three-bedroom units as well as two-story penthouses with prices ranging from $648,000 to north of $4 million. With only three units per floor, each residence will feature floor to ceiling windows and terraces with panoramic views of the Miami River, Biscayne Bay, and the Miami skyline. Besides a ground floor signature restaurant, the building will offer common space amenities such as yacht slips, robotic parking elevators, pool deck, a children’s entertainment room, a media room and a fitness center with sauna and massage. A 600-foot exterior mural will constitute the condo tower’s main design characteristic.  According to Dutch artist Jan Hendrix’s concept, the 600-foot mural will be illuminated from the inside of the artwork itself.

Groundbreaking for the tower is set to commence early 2015 and the boutique sky residences are expected to be completed by the spring of 2017.

Photo credits: The Edge on Brickell



IKEA Completes South Florida’s Largest Solar Installation at Future Miami-Dade Location

13 Jun 2014, 5:51 pm

By Balazs Szekely, Associate Editor

IKEA recently announced the completion of South Florida’s largest solar array that will provide clean energy for its Miami-Dade store, which opens this summer in the city of Sweetwater, Fla. adjacent to the Dolphin Mall and west of Miami International Airport.

Thanks to IKEA’s rooftop arrays in Orlando, Tampa and Sunrise, combined with the 1,178-kW system atop the Sweetwater facility, the home furnishings retailer holds the title of the largest non-utility solar owner in Florida.

The 416,000 square-foot IKEA Miami, with 1,500 parking spaces, is being built on 14.6 acres. The photovoltaic array serving the retail complex represents the 40th solar project for the Sweden-based company in the U.S. Instead of entering power purchase agreements, the company chose to become the exclusive owner of each of its rooftop systems, operating at nearly 90% of all IKEA locations over the nation, generating an aggregate rate of 38 megawatts. The company has installed more than 550,000 solar panels on buildings across the world with the goal of becoming energy independent by 2020. Accordingly, IKEA has allocated $1.8 billion globally to invest in renewable energy through 2015.

REC Solar, a company involved in the design and installation of over 350 PV systems over the United States, served as contractor of the project. The 4,620 panels at the 178,000-square-foot array will develop approximately 1,73 GWh of electricity for the store every year. According to the Environmental Protection Agency’s official calculations, that is the equivalent of the annual consumption of almost 170 homes or reducing 1,227 tons of CO2, the emissions of more than 250 cars every year.

Rendering courtesy of IKEA



HFF Marketing Miami Waterfront Site that is Approved for Two Towers, 1,500-Plus Units

7 Jun 2014, 12:17 am

By Balazs Szekely, Associate Editor

HFF is marketing the two-acre development site at 300-330 Biscayne Boulevard, also known as The Empire World Towers site, on behalf of a trust established for the benefit of CDR Creances S.A.S.

The HFF investment sales team consists of managing director Jaret Turkell, senior managing director Hermen Rodriguez, executive managing director Manuel de Zárraga and senior real estate analyst Scott Wadler.

Located directly across from Bayfront Park, the approximately 2.05-acre property is one of the last remaining prime waterfront development sites in Miami’s urban core. The site is approved for two 93-story residential towers with over 1,500 units. This means the building would be the tallest structure on the East Coast south of Manhattan.

The development plot has permanently-preserved bay and ocean views and will offer a true urban lifestyle with a location  just walking distance from important Miami locations such as American Airlines Arena, Miami Dade College, Bayside Marketplace, and the to-be-built 765,000 SF Miami World Center Mall. Turkell sees great potential in the unique qualities of the site. “Its location within the city’s highest density zoning district positions the site to ultimately reshape the Miami skyline,” the managing director said in a recent statement. “The project’s height will allow the higher floors unparalleled 360 degree views of the entire city,” he added.

Photo credits: KobiKarp Archiecture



UBS Remains Loyal to Iconic 550 Biltmore

31 May 2014, 6:00 am

By Balazs Szekely, Associate Editor

After a comprehensive search for an alternative in the neighborhood, UBS officials decided to renew the financial services firm’s 43,500-square-foot office lease at 550 Biltmore.

Located in downtown Coral Gables, 550 Biltmore is a 14-story, 162,293 square-foot Class-A office building featuring a pyramid configuration that allows for most suites to have a private balcony with conference-size terraces accessible through the larger offices. The building was awarded an Energy Star label for its operating efficiency.

Taylor & Mathis, the exclusive leasing agent for 550 Biltmore finalized the 12 year lease renewal.  The transaction was brokered by Taylor & Mathis Director of Leasing, Ryan Holtzman and UBS broker, Tony Jones of Cushman & Wakefield.

UBS has been the anchor tenant in the landmark building over the past fifteen years but – due to its relatively high vacancy rate compared to adjacent submarkets – Coral Gables currently has plenty of office space availble to entice tenants. Ryan Holtzman attributes the company’s decision to stay, despite the tempting market, to the multi-million-dollar upgrades put through in the recent years by the owner of the facility, AEW Capital Management.

“This gave us our best chance to renew UBS, which paid off,” he says.

The upgrades affected the common areas, the four high-speed elevators, the mechanical and HVAC systems including a full facelift of the lobby area. The improvements have earned the building the 2013 BOMA award for Renovated Building of the Year.

Image source: taylormathis.com



Chilean Hospitality Chain Broke Ground on Atton Brickell Hotel

23 May 2014, 3:39 pm

By Balazs Szekely, Associate Editor

Atton Hotels started site work on its first U.S. project, a 275-room, 12-story full-service hotel. Located at 1500 SW 1st Ave. in downtown Miami, the $65 million project is expected to create around 400 jobs during construction with completion scheduled for early 2016, and 130 permanent positions after delivery.

Atton Hotels is a Latin American hotel chain based in Santiago, Chile. Founded in 2000, the company’s current portfolio includes four locations in Santiago and Lima, Peru, totaling nearly 1,000 rooms.

The building is designed by Miami-based architect Revuelta Architecture which already has an established South Florida portfolio including The Epic Hotel, 2500 Brickell, and Element Hotel Surfside. Siefert Murphy is responsible for the interior design of the facility. The Dallas-based company has worked on several upscale hotels throughout the U.S., including Hyatt, Mandarin Oriental and Four Seasons branded properties. Moss is serving as general contractor for Atton Brickell Hotel.

The hotel is located on the block next to Le Parc at Brickell, a 12-story, 128-unit luxury condo in Miami’s Brickell Financial District. Miami Metrorail and the Metromover are just a short walk away with the Shops at Mary Brickell Village, Brickell CityCentre complex and several other retail, dining and entertainment destinations also in the area. An on-site restaurant will also be available on the ground floor. Further amenities will include nearly 7,000 square feet of meeting space, a bar and poolside bar, and 177 parking spaces.

Photo taken at the groundbreaking ceremony, courtesy of Atton Hotels



Starwood Eyes Historic Motel Ankara in South Beach for Adaptive Reuse

16 May 2014, 5:08 pm

By Balazs Szekely, Associate Editor

Set to open in less than a year, Starwood Hotels & Resorts Worldwide Inc.’s newest Aloft branded facility is coming to Miami’s South Beach and will be first newly constructed hotel to open in that submarket in the past five years.

With a presence in fourteen countries, Starwood’s portfolio of Aloft branded hotels has the modern, active traveler in its crosshairs, offering state-of-the -art tech solutions such as smartphone-based check-in at more than 100 of its locations worldwide. Aloft South Beach joins Aloft Miami-Brickell and Aloft Miami Doral as the brand’s third hotel in the Miami area.

The 235-room Aloft South Beach adaptive reuse design is based on the original structure of Motel Ankara, completed with an eight story hotel built from scratch. A joint venture between by JMH Development and Madden Real Estate Ventures is developing the project, with ADD Inc. responsible for the design and Plaza Construction serving as the main contractor. In conformity with modern architecture standards, the newly built suites give the facility a head start on the South Beach market with rooms averaging over 360 square feet.

Minutes from South Beach and within walking distance of Miami Beach , the new Aloft hotel’s waterfront location also grants access to Lake Pancoast and the Collins Canal. The Miami Beach Convention Center, several art galleries, the Bass Museum of Art and numerous night clubs, restaurants and boutiques are easily accessible from the property. An outdoor pool, roof deck lounge, a 24-hour fitness center and 2,349 square feet of flexible meeting space will be at the guests’ disposal.

Photo credits: Starwood Hotels & Resorts Worldwide



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







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