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New-to-Market Firms Conquer LEED-Certified Brickell Tower

26 Aug 2015, 8:37 pm

By Balazs Szekely, Associate Editor

Sabadell Financial Center

Sabadell Financial Center

More than 20,000 square feet of premium Class A office space will soon welcome new-to-market tenants in a 30-story green office tower in Miami’s urban core. The ownership of Sabadell Financial Center has signed new leases with three companies that are new to the Miami scene. In addition, two extant tenants have renewed their lease agreements at the same time, pushing the grand total to 25,480 square feet. This also marks nearly 50,000 square feet of transactions finalized at the office building this year to date.

The facility’s newest tenants include national law firm Kelley Kronenberg (14,699 square feet); ABS Holdings (4,040 square feet); and oil refinery company Metals Inc. (1,466 square feet). Additionally, insurance brokerage Howden (3,336 square feet) and financial services firm Canepa (1,939 square feet) both renewed leases. Tere Blanca, Danet Linares and Juan Ruiz of Blanca Commercial Real Estate represented the Sabadell Financial Center’s ownership in the transactions. Shay Pope of CBRE and Brad Chrischilles of CNL Commercial Real Estate represented Kelley Kronenberg; Rashid Siahpoosh of Newmark Grubb Knight Frank represented ABS Holdings; and Pedro Hernandez of Engel & Völkers represented Metals, Inc. Financial terms of the agreements were not disclosed.

Sabadell Financial Center is also home to companies like Sabadell United Bank, Telefonica USA, Ferragamo, Regus, and the law firms of Hunton & Williams and Baker & McKenzie. Apart from its LEED Gold certification, the building was recently awarded The Building Owners and Managers Association (BOMA) Miami-Dade’s 2015 The Outstanding Building of the Year (TOBY) Earth Award, which recognizes environmentally-sound office buildings with management practices that efficiently implement and enhance green and sustainable programs.



Mixed-Use Project to Replace Yacht Factory and Marina

26 Aug 2015, 7:48 pm

By Balazs Szekely, Associate Editor

Miami International Centre

Miami International Centre

A 21-acre site—formerly a yacht manufacturing facility and now home to a 90-slip marina—traded hands recently and the new owner has great plans for its future. Interterra Investments Group purchased Miami International Centre from Alecta Real Estate Investment for $35.5 million. HFF marketed the asset on behalf of Alecta, with a team led by Executive Managing Director Manuel De Zárraga, Associate Director Maurice Habif, Managing Director Jaret Turkell and Director Marty Busekrus.

The property is poised to become a world-class mixed-use development with retail, hotel, residential, office and/or marina uses. The site is located immediately east of the Miami International Airport and directly across from the state’s most important rail transportation hub, the Miami Intermodal Center. The site also has access to Biscayne Bay via its proximity to the Miami River. It is part of the recently created 220-acre Palmer Lake Metropolitan Urban Center zoning district which was established by Miami-Dade County to foster the creation of a modern urban center.

Miami International Centre consists of the Upland Parcel, which houses 360,626 square feet of warehouse space in six buildings, and the 37,982-square-foot Marina Parcel along with 90 covered boat slips.

Photo credit: Miami International Centre



Aventura ParkSquare Bulks up Tenant Roster

26 Aug 2015, 2:03 pm

By Balazs Szekely, Associate Editor

Aventura ParkSquare

Aventura ParkSquare

A Los Angeles-based fitness chain is expanding its presence in South Florida. For its second location Barry’s Bootcamp it chose a mixed-use development in Aventura that has a health and wellness focus. The gym is the newest upscale retail tenant set to launch at Aventura ParkSquare, Integra Investments announced.

Slated to debut in early 2017, the new Barry’s Bootcamp location will comprise 4,775-square feet on the ground-floor. Customers will have access to high-end locker rooms, a large open lobby and the brand’s signature Fuel Bar offering protein shakes and other nutritional supplements.

Located on nearly 7.5 acres on the corner of 2900 Waterways Blvd. and Northeast 207th St, the Aventura ParkSquare development will boast a 131-unit luxury residential condo tower, 55,000 square feet of retail space complete with boutiques and restaurants with outdoor terraces, a select-service hotel, a 100,000-square-foot Class A office building with outdoor event space, and a wellness medical center with specialty healthcare tenants.

The project has signed multiple lease agreements in the last few months, including greenmonkey yoga and Icebox Cafe. Florida’s Comras Co. is the exclusive leasing agent; Michael Comras, Jonathan Carter and Mike Silverman brokered the transaction.

Rendering courtesy of Integra Investments



NSU-Adjacent Community Lands Financing

24 Aug 2015, 7:53 pm

By Balazs Szekely, Associate Editor

College Square Apartments

College Square Apartments

A 64-unit apartment property near Nova Southeastern University in Davie, Fla. has recently received financing. College Square Apartments is owned by Snow Real Estate, a private investor based in Hollywood, Fla. CBRE originated the $6.2 million non-recourse bridge loan on behalf of Jeffrey and Adam Snow.

Located at 6600 SW 39th St., the property is at the edge of the 314-acre NSU campus, a research university with approximately 27,000 students enrolled throughout 18 colleges and schools including medicine, dental medicine, law, business, pharmacy, social sciences, etc. It includes 40 one-bedroom units and 24 two-bedroom, one-bath apartments of 750 and 1,050 square feet respectively. The community was built in 1981 and the current owner acquired it in June 2014 for $5.8 million according to Yardi Matrix. Snow Real Estate has executed a capital improvements plan since then, which comprised of significant renovations and a repositioning strategy that pushed rents up 35 percent for the 17 units completed to date.

Jason Hochman of CBRE Capital Markets’ Debt & Structured Finance department arranged the financing with Aetna Life Insurance Co., which included funds to refinance and cash out an existing bank loan as well as future funding of improvements to be made to the property over the next two years. The loan has a five-year term and a fixed interest rate, including on future funding. “This bridge loan will help finance remaining improvements that, together with the property’s exceptional college-area location in a densely populated area of Broward County, will drive both value and return for our client,” Hochman said.

Photo credit: Snow Real Estate



FCB Moves to Coral Gables High-Rise

21 Aug 2015, 6:44 pm

By Balazs Szekely, Associate Editor

2020 Ponce

2020 Ponce

A luxury, Class-A office building in Coral Gables will soon be home to one of the largest Florida-based banks. Florida Community Bank is the latest to join the tenant roster at 2020 Ponce, a 50,000-square-foot office tower on Ponce de Leon Boulevard. FCB has signed a seven-year lease for 3,597 square feet in Suite 102 on the ground floor of the tower, along with a drive-through lane with access from Minorca Avenue.

2020 Ponce encompasses a total of 130,000 square feet, including ground-level retail, seven stories of premium office space with terraces, and a six-level parking garage offering four spaces for every 1,000 square feet. The property was originally launched by Florida East Coast Realty in 2009 as a for-sale asset. For the past few years it has been leased out but, in response to market demands, FECR announced that it is once again offering office and retail space for sale at 2020 Ponce—as well as an opportunity for up to 50% developer financing. The customizable retail and office space ranges from 500 square feet up to a full, column-free floor of 16,700 square feet.

FCB has estimated opening the new location by the first quarter of 2016.

Photo credit: Florida East Coast Realty







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