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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

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

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

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