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Pebb Enterprises Lays off Two Centers in South Florida

3 Jul 2015, 7:42 pm

By Balazs Szekely, Associate Editor

Palm Square shopping center, Pembroke Pines

Palm Square

PEBB Enterprises’ one million square-foot-plus commercial portfolio has just shed about 150,000 square feet.

The company sold two multi-tenant retail centers in Pembroke Pines and Delray Beach in two separate transactions totaling $28.35 million.

Palm Square was picked up by Bar Invest Group Inc. for $17.6 million. Located at 9801-9965 Pines Boulevard in Pembroke Pines, the 77,705-square-foot asset was 94 percent occupied at the time of closing by a variety of local and national retail and service tenants. These include Sherwin Williams, KFC, Dunkin Donuts, and Atlantic Montessori Charter School.

The 68,292-square-foot Delray Commons at 5020-5080 Atlantic Avenue in Delray Beach fetched $10.75 million. Anchored by World Gym, the shopping center is also home to Burger King, CJ’s Sports Bar & Grill and other local and national retail and service firms. Delray Commons LLC, a Pebb Enterprises subsidiary was the seller, and Mall 5020 LLC purchased the property which was 98 percent leased.

David Donnellan and Patricia Friend of CBRE marketed and negotiated both deals. Based in Fort Lauderdale, the team is part of CBRE’s Investment Properties Group focusing on the disposition of multi-tenant shopping centers in South Florida.

Photo credits: Pebb Enterprises 

HHM Lands Jumbo Deal in Miami

3 Jul 2015, 7:40 pm

By Balazs Szekely, Associate Editor Sheraton Miami Airport Hotel and Executive Meeting Center

HHM has completed the acquisition of the 405-room Sheraton Miami Airport Hotel near Miami Airport. JLL brokered the transaction.

Sheraton Miami Airport Hotel and Executive Meeting Center are the first Starwood facility and the largest hotel in HHM’s Miami portfolio.

The building is the closest hotel to Miami Airport. It benefits from direct pedestrian access to the recently opened Miami Intermodal Center, which provides direct connections to South Beach, Brickell and other regional leisure and business destinations.

As one of only four International Association of Conference Centers (IACC) certified meeting facilities in Florida, the hotel features 17,000 square feet of custom-built and updated meeting space in the executive conference center. Guests also have access to a 1,800 square foot fitness facility and several food and beverage outlets. HHM plans to carry out a full upgrade of the guest rooms and all public facilities in cooperation with outside designers and the Sheraton brand team.

Formerly known as Hersha Hospitality Management, HHM engages in hotel acquisitions, management, asset management, and receivership for full-service and select service hotels. It maintains a portfolio with 115 hotels across 25 markets in the U.S. In addition to Sheraton Miami Airport Hotel and Executive Meeting Center, the Philadelphia-based company manages three facilities in Miami Beach and one in Coconut Grove, all operated under Marriott flags.

Photo credits: Starwood Hotels & Resorts Worldwide Inc.

Condo-Like Lifestyle in the Suburbs – Q&A with Terra’s David Martin

2 Jul 2015, 4:45 pm

By Balazs Szekely, Associate Editor

Doral Commons appears to be well on its way to open near the end of this year. As previously reported, Terra is putting the finishing touches on the 140,000 square-foot retail plaza. It turned out that  The Courtelis Co., which is in charge of leasing, has been quite busy too.

The property has not only caught the attention of retailers, but it is already 90 percent leased to tenants such as Publix, Citibank, GNC, AT&T Wireless, McDonald’s and TJ Maxx.

We asked Terra President David Martin about the project and how it integrates into the new bloodflow in Doral. Luckily, he had managed to snag a few minutes from his busy schedule.

Q: Could you tell us more details about Doral Commons?

A: Doral Commons is Terra’s newest mixed-use project in Doral, pairing 140,000 square feet of retail anchored by a Publix with 319 single-family homes. Nearby, Terra is also building two residential developments that are now under construction – Modern Doral, a three-subdivision community encompassing a total of 319 single-family contemporary-style homes; and Neovita, a 32-acre luxury townhouse/single-family home community. Terra’s other residential projects in Doral include Doral Cay, Las Ramblas, Vintage Estates and Reserve at Doral – all of which were recently completed.

Q: What was the key to Doral Commons’ success?

A: At Terra, we are always conscious of where and how we develop. We pick our spots carefully and deliver projects that are appropriate for the community and market dynamics. Doral Commons’ contemporary design is changing the landscape in the area, attracting remarkable brands and quickly becoming the neighborhood’s hub.

Q: Terra is most widely known for its residential projects. What turned the company’s interest toward the commercial sector?

A: Terra creates and enhances communities across South Florida through residential and commercial development, both in urban areas and in the suburbs – our diverse $3 billion development portfolio includes luxury high-rises, single family homes, townhouses, retail shopping centers, office space and multifamily apartments.

We focus on finding voids in the market, both in terms of identifying underserved neighborhoods and underdeveloped property types. For example, single family home buyers are looking for more space and want to be close to good schools, libraries, parks, golf-courses etc., synonymous with a suburban lifestyle. What we do differently is we bring luxury amenities more traditionally associated with condo living to the suburbs creating value and developing a growing community. This approach is helping to reshape areas like Doral – as well as Coconut Grove, Miami Beach, Pembroke Pines and Weston.

Q: What does this high development activity in Doral indicate, and how does it affect Miami and the rest of the South Florida real estate market?

A: There is a growing demand for more space at a lower price particularly amongst single family home buyers looking to be closer to high-quality schools, libraries, parks and other amenities that you find in places like Doral and Weston. By developing and reshaping neighborhoods like Coconut Grove, Doral and Weston, we are contributing to the area’s revitalization.

Q: Are there any other commercial projects in the company’s pipeline?

A: Terra is working on Pembroke Pines City Center, a master-planned mixed-use community within the City of Pembroke Pines. More details on the project will become public over the coming months.


Citigroup Stays Devoted to Reborn Trophy Tower

29 Jun 2015, 3:06 pm

By Balazs Szekely, Associate Editor

Miami CenterCitigroup has reinforced its position as anchor tenant at Miami Center. The corporation signed a 15-year lease renewal for 125,000 square feet at the 34-story Class A office tower.

The agreement represents one of the largest downtown Miami office lease transactions this year, according to Cushman & Wakefield and Crocker Partners. Cushman & Wakefield Senior Director Jon Blunk represented Crocker Partners in the transaction, while Patrick Duffy of Newmark Grubb Knight Frank acted on behalf of Citigroup. Law firm Hughes Hubbard & Reed LLP also renewed its 25,000-square foot lease at Miami Center lately.

Citibank and other subsidiaries of the Citigroup have leased space in the skyscraper at 201 S Biscayne Blvd. as far back as 1992, according to real estate data website Property Shark.

In addition to Citigroup’s lease renewal, Crocker Partners unveiled plans for a $20 million redevelopment of the 786,267-square foot tower. The renovations already underway include a makeover of the lobby and exterior plaza, a new entrance and valet, and modernization of the elevators.

Photo credits: Daniel Christensen via Wikimedia Commons

Historic Mixed Use Gets an Interior Revamp

26 Jun 2015, 3:56 pm

By Balazs Szekely, Associate Editor

Douglas Entrance Office Parc, Coral GablesA landmark office property in Coral Gables is undergoing a partial makeover. Douglas Entrance Office Parc’s reborn common areas and amenities will serve to restore the property’s reputation as the original entrance to Downtown Coral Gables and maintain its appeal among top-tier users.

The upgrades worth $7 million in total will include improvements to the complex’s main office lobbies, elevators, corridors, restrooms, parking garage, directional signage, and conference center. Additional improvements such as the installation of new artwork throughout the campus, new landscaping in the main courtyard, updated design finishes and new furniture are also included in the plans.

Listed on the National Register of Historic Places, the six-acre, five-building includes a mix of Class A high-rise office towers, street-level retail, boutique office suites and event space. The property is also LEED Silver certified. Banyan Street Capital owns the asset in partnership with Oaktree Capital Management LP–the acquisition closed last spring and the joint venture selected Blanca Commercial Real Estate as exclusive leasing agent for the property shortly afterwards.

Field work is already underway and the renovations are expected to be completed over the next year.

Photo courtesy of Banyan Street Capital

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