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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

Amity Realty Announces Multimillion Dollar Investment Opportunities at Chateau Beach

26 Feb 2014, 4:19 pm

By Balazs Szekely, Associate Editor

Chateau Beach Residences is a 33-story luxury beachfront condo tower in Sunny Isles Beach, Fla. just north of Miami, minutes from the prestigious residential estates of Golden Beach, luxury shopping and dining in Bal Harbour, and Aventura Mall. Its location allows for easy access to the Miami and Fort Lauderdale/Hollywood International airports as well.

Chateau Group is the developer for the project, an industry leader with experience in residential, commercial and mixed-use projects alike, in both the U.S. and South America markets. This is the Argentinian group’s first solo project in Miami after more than a decade of real estate investments in the area.

According to the developer, 60 percent of the units are already under contract. Chateau is financing the project with large deposits from the unit buyers — a model ever so popular among South Florida condominium developers. The structure of the required payment from buyers includes a reservation agreement worth $150,000, followed by a 20 percent purchase agreement, further 20-20 percent at the time of ground works and topping out and 30 percent at closing.

Upon its estimated completion this fall, Chateau Beach Residences will feature 82 two-, three- and four-bedroom residences ranging from 2,890 square feet to 4,305 square feet and two penthouses ranging from 8,500 square feet to 9,300 square feet. Prices range from $1.3 million to $25 million depending on the buyer’s choice of the seven available floor plans. The property has attracted mainly foreign buyers so far, the majority from Argentina, Brazil, Venezuela, Colombia and Russia.

Photo credits: Chateau Group


Construction Started on 252,000 SF Industrial Project at Flagler Station

14 Feb 2014, 9:00 pm

By Balazs Szekely, Associate Editor

Site work on Building 34 at Flagler Station business park has kicked off recently as Flagler Global Logistics entrusted Miller Construction Company with the development of a new 252,000-square-foot industrial warehouse facility designed by the international architectural firm Ware Malcomb.

Located in Miami’s Airport West submarket, minutes from Broward County, the 900-acre Flagler Station is ranked as South Florida’s largest business park with its campus-like setting. Besides its proximity to the airport it offers easy access to all other major transportation arteries too, such as Port Miami and Port Everglades, and even has a dedicated Turnpike interchange. Industry leaders including Ryder System, LagasseSweet and FedEx, among others, operate facilities at Flagler Station.

This is not the first mutual project of the two companies; Miller Construction Company has just recently finished work on time and within budget on Flagler’s 171,944-square-foot Building 31 at Flagler Station. Dan Marcus, logistics executive vice president of real estate development at Flagler Global, says he is glad that the logistics giant once again partnered with the contractor in order to develop “a new generation of more efficient and flexible warehouses to keep up with rising demand throughout South Florida.”

Starboard Cruise Services, the world’s leading onboard retailer, has already preleased 87 percent of the yet to be built facility. The company will operate its main distribution center in Flagler Station Building 34. Located at 9290 NW 112 Avenue, the construction allows for optimal rack layout with its 30-foot clear ceiling height and a column spacing of 54 feet. Miller’s crews will build out the tenant’s interior space as well.

Photo credits: Flagler Station

102 South Florida Multifamily Units Sold in Three Simultaneous Transactions

12 Feb 2014, 7:56 pm

By Balazs Szekely, Associate Editor

Franklin Street Services recently brokered the sale of Jaclyn Apartments in Hialeah, part of Garden View in Miami, and a 10-unit Hollywood Beach community. The total of 102 units changed hands for a total of $8.25 million. The team representing the sellers in the transactions comprised of Franklin Street brokers Deme Mekras, Elliot Shainberg and David Reinke.

Franklin Street Services is a full-service commercial real estate firm with offices in Tampa, Atlanta, Miami and Jacksonville. Focused mainly on delivering value-added solutions, its operation is segmented into Real Estate, Capital, Insurance and Management divisions.

The Haileah community is located at 1315 and 1345 West 29th Street and features 72 units in two buildings. The Panamanian investor who bought the complex paid Jaclyn LRP $84,027 per unit, $6.05 million combined.

In Miami, 20 of Garden View’s 68 condominium units were sold. Franklin state represented both the seller, Unique Yidios LLC, and the buyer, Fly Away 2012 LLC. The latter was from Buenos Aires, Argentina and purchased the properties all cash, for $1.05 million or $52,500 per unit in other words.

Just a block from the Atlantic Ocean and within a half-mile of the Margaritaville Hollywood Beach Resort in Broward County, the 10-unit apartment building at 343 Van Buren Street on Hollywood Beach was sold for $1.15 million, $115,000 per unit. Van Buren Holdings Inc. purchased the community, backed by a foreign investor who also paid in cash. Franklin Street represented the seller, 720 Property LLC.

Merkas is optimistic regarding South Florida multifamily sales in the near future, anticipating strong demand through the year to come.

“We’re still seeing a lot of cash buyers from overseas who see a lot of opportunity here and regard U.S. real estate as a safe haven for capital. Many of them are coming from highly unstable economies and, as a result, often see greater value in our property than local investors,” he says.

Photo credits: Franklin Street

Four Seasons to Brand Fort Capital’s Luxury Oceanfront Mixed-Use Project

3 Feb 2014, 9:36 am

By Balazs Szekely, Associate Editor

Fort Capital, has entered an agreement with Four Seasons to brand and manage The Surf Club, a luxury mixed-use property currently under construction on 9-acres of surfside land that Fort Capital acquired in 2012. Development started on the buildings in fall 2013 with Coastal Construction serving as general contractor. The project is on schedule to be completed in early 2016.

The project includes a state-of-the-art hotel as well as a luxury residential component, both designed by Richard Meier & Partners and KKAID. Four Seasons Hotel at The Surf Club will have approximately 80 rooms, and incorporate a historic Russell Pancoast-designed building. The Surf Club Four Seasons Private Residences will comprise 150 homes and penthouses in two 12-story towers, ranging from 1,200 to 8000 square feet in size. The residences with up to 20-foot ceiling heights, floor-to-ceiling windows and sliding glass doors feature 12-foot-deep terraces.

CEO of Fort Capital Nadim Achi is confident regarding the partnership with Four Seasons, highlighting that as a result of the collaboration the facility will consistently deliver the highest caliber of service.

“Their expertise, track-record and fully-integrated bespoke service will provide owners and guests with an unmatched lifestyle of luxury and ease. Richard Meier & Partners in association with KKAID have created buildings which will become iconic additions to the Surfside landscape,” Achi says.

Besides the hotel and the two residential towers, the 965 feet of Atlantic oceanfront will include two restaurants, four swimming pools and a spa and fitness center.  40 beach cabanas, a park and oceanside gardens are also part of the plan.

Rendering courtesy of Fort Capital

ARTIC Acquires St. Regis Bal Harbour Resort for $213M

24 Jan 2014, 9:18 pm

By Balazs Szekely, Associate Editor

Al Rayyan Tourism Investment Company (ARTIC) along with Starwood Hotels & Resorts Worldwide Inc. recently announced that ARTIC has purchased the St. Regis Bal Harbour Resort in Miami. The transaction was worth $213 million.

ARTIC is the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups. Engaged in real estate development, acquisition and leasing, the company focuses mainly on the hospitality industry and owns a portfolio of more than 25 hotels worldwide.

This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence around the globe,” says H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of ARTIC.

The company owns properties over the Middle East and North Africa, Europe and North America as well.

Located at 9703 Collins Avenue near South Beach, opposite Bal Harbour Shops, the St. Regis Bal Harbour Resort is situated on nine acres of oceanfront land. The 27-story building was designed by Sieger Suarez Architectural Partnership with interiors by Yabu Pushelberg, and was inaugurated on January 19, 2012. The building features 207 Art Deco style rooms and suites as well as a residential division called St. Regis Bal Harbour Residences, which includes branded private residences and condo-hotel units.

A range of amenities also came with the hotel, namely 11,200 square feet of indoor function space and several outdoor venues, a 14,000 square-foot Remède Spa, Jean-Georges Vongerichten’s J & G Grill and two other dining outlets.

ARTIC has not revealed plans to rebrand the property and it will also continue to be managed under a long-term agreement by Starwood Hotels.

Photo credits: Starwood Hotels & Resorts Worldwide

First Miami International Tradeport Warehouse Completed

20 Jan 2014, 7:17 am

By Balazs Szekely, Associate Editor

Liberty Property Trust’s Miami International Tradeport initiative reached an important milestone as the commercial real estate leader started the New Year by celebrating the completion of the industrial park’s first warehouse. The grand opening ceremony was held January 9 in the presence of Vice Mayor of the Town of Medley, Griselia Digiacomo, and Council Member Susana Guasch. The event was hosted by Andy Petry, Jim Lutz, and the Liberty Property Trust South Florida team.

Liberty serves commercial real estate customers in the US and UK with a portfolio of 106 million square feet consisting of 843 office, distribution and light industry properties. The company is involved in the development, acquisition, ownership and management of superior office and industrial properties, serving more than 2,000 tenants.

Located at 11455 NW 122nd Street in western Miami-Dade County. Miami International Tradeport is convenient to Miami International Airport, Port Miami, Fort Lauderdale International Airport and Port Everglades. Completion of the 147,840 square foot warehouse facility marks the first phase of Liberty’s $135 million industrial park. The recently inaugurated facility is designed to meet LEED standards, featuring energy-efficient T5 fluorescent lighting throughout the facility and impact glass for natural lighting during daytime. It has a 30-foot minimum clear height; 1/1000 parking ratio; 130-foot to 200-foot truck court with trailer storage available; 2000 amps with upgraded power available and prominent signage that will be visible from the Turnpike.

RLC Architects has been entrusted with planning, the engineer for the facility is Ludovici and Orange, and the general contractor is Butters Construction & Development. Liberty’s senior project manager in charge is Jay Ohanesian.

The industrial park will include 9 class-A warehouse facilities upon completion, totaling around 1.5 million square feet.

Photo courtesy of Liberty Property Trust

Miami Beach’s Southgate Towers Undergo a $40M Renovation

13 Jan 2014, 8:23 pm

By Balazs Szekely, Associate Editor

The bayfront apartment buildings at 900 and 910 West Avenue will soon get a fresh look inside and out as ADD Inc. undertook a $40 million recovery of the community. Henrico, Va.-based Gumenick Properties owns and manages the complex. The improvements include 495 newly designed residential units, public areas, the addition of pool cabanas, retail spaces, a restaurant and a whole new facade. Completion is expected next year. Architect Jonathan Cardello, Principal – Director of ADD Inc. in Miami, is in charge of the renewal project.

ADD Inc, is an architecture and design firm with offices in Boston and Miami. More than 60 finished projects over the nation confirm the company’s success on their website. Workplace, mixed use, academic, retail, branding and residential designs add up to the majority of the portfolio. Their earlier South Florida architectural projects include the Gale South Beach and Shelborne South Beach hotels; Paramount Bay with Kravitz Design; Jade Signature with Herzog & de Meuron; The Fillmore Miami Beach at the Jackie Gleason Theater; the Bayfront Amphitheater; BGT Partners’ global headquarters and the River Landing mixed use destination.

The new energized outdoor look will aggregate hurricane-proof windows with perforated aluminium screens and glass rails on the balconies painted white and blue. Indoors the apartment units along with the penthouses will get new carpets in the bedrooms, flush lighting, European-style cabinetry, washers/dryers and porcelain tile in the living areas and bathrooms. The three-bedroom penthouses will be enhanced with top-notch electrical appliances, stone kitchen counters and whirlpool tubs. Located between the two towers, the lobby will be completely redone by adding brand new upscale furniture, classy fixtures, a new hospitality lounge and improving it a with a glass wall that will provide an extensive view of the pool with the bay in the background. The ground-floor clubroom and the fitness center will also be renovated with the addition of a workout room for personal training or yoga.

Photo credits: Southgate Apartments


Greystone Lines Up Its First Multifamily Project in Miami Market, Near Miracle Mile

28 Dec 2013, 12:37 am

By Alex Girda, Associate Editor

A new company is set to try the water in Miami as Greystone has lined up its first multifamily project for the area’s market. The financial services and private investment group has acquired a development site in one of the most sought after areas of Miami, Miracle Mile. Greystone is part of a joint venture that also includes local company Alta Developers and Strategic Properties. The three companies will now begin development on a new high-rise residential project. According to a recently released press statement, the overall value of the project would stand at around $40 million.

The project, set to be named The Mile, will be a 13-story tall, mixed-use property that will take shape at 3622 S.W. Coral Way, within earshot of the popular Miracle Mile retail district, in Downtown Coral Gables. When completed, the building will offer 119 residential units, as well as street level retail. The building’s design will be provided by local architecture firm, Behar Font & Partners.

According to the CEO of Greystone Property Development, Jeff Simpson, it is the company’s belief that “Coral Gables market is extremely promising for multifamily real estate development, considering the increasing demand for housing within walking distance of the area’s shopping, restaurants and cultural activities.”

The Mile’s amenity package will offer future residents a health club, swimming pool, secure garage parking, concierge service, as well as a host of other luxury amenities. Greystone has ramped up its activity recently and aside from this newly-announced residential project in Miami, it also has a development pipeline for increasingly popular neighborhoods in NYC including West Village, Williamsburg and DUMBO.

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