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Brickell City Centre Announces Fourth Round of Retailers

5 Oct 2015, 12:51 pm

By Balazs Szekely, Associate Editor

Brickell City Centre interior retail

Interior visualization of the retail wing

Brickell City Centre’s series of retail announcements continues with the fall rollout that includes the addition of several upscale clothing stores to the tenant roster. Among the mix of luxury stores set to join the development’s open-air shopping center next autumn are Giuseppe Zanotti Design, an Italian shoe designer; La Perla, an Italian lingerie designer; Bally, a Swiss shoe brand as well as Kiton, a luxury Italian ready-to-wear clothing company widely known for its lineup of suits.

Select stores will be strategically located throughout the street-accessible first floor of the 5.4-million-square-foot mixed‐use development’s retail component, housing luxury brands. Others will open on the second and third floors, representing premium and contemporary retailers along with a mix of beauty, home decor, jewelry, apparel and other specialized stores.

This newly revealed selection of tenants is the fourth in a series of retail announcements for the $1.05 billion project—Swire Properties and retail co-developers Whitman Family Development and Simon Property Group will announce the next group of brands in November.

Rendering courtesy of  Swire Properties

NorthMarq Secures Tidy Refi for Upscale Duo

1 Oct 2015, 7:44 pm

By Balazs Szekely, Associate Editor


The Westin Key West Resort

The Westin Key West Resort

NorthMarq Capital has refinanced a pair of upscale assets in Key West and Port St. Lucie for a combined $74.6 million. The Westin Key West Resort and The Atlantic at Tradition Apartments. Bill Johnson, a senior vice president & managing director based in the financial intermediary’s Boca Raton office secured the financing for both properties.

The Westin Key West Resort hotel, located at 245 Front Street in Key West, was refinanced for $50 million in a transaction structured with a fully amortizing 20-year term. Certified as a Green Lodging Resort, the property offers a pool, marina, two spa facilities, beach access, and a fitness studio.

The Atlantic at Tradition Apartments is a 252-unit multifamily asset located at 10297 SW Village Parkway in Port St. Lucie. The property was refinanced for about $24.6 million, and the deal was structured with a 10-year term that includes two years of interest only, followed by a 30-year amortization schedule.

Part of an 8,300-acre master-planned community, the property offers a list of amenities that includes an on-site park, clubhouse, theater, swimming pool, outdoor veranda, a 24-hour fitness center, conference room, children’s play area, tennis court, and a lakeside walking trail.

NorthMarq arranged financing for the borrowers through an undisclosed life insurance company.

Photo credit: NorthMarq Capital

Boca Trophy Asset Finds Buyer

1 Oct 2015, 7:24 pm

By Balazs Szekely, Associate Editor


Palmetto Park City Center

Palmetto Park City Center

In a $25.75 million deal, Ram Realty has sold Palmetto Park City Center, a boutique Class A office building in Palm Beach County. CBRE represented Ram Realty in the disposition of the 66,618-square-foot property located at 120 E. Palmetto Park Road in Boca Raton.

Completed in 1996, Palmetto Park City Center is located near such popular destinations as Mizner Park, the Boca Raton Resort & Club, and the Royal Palm Yacht & Country Club.

A private offshore investor paid $387 per rentable square foot for the property, which was fully leased at closing. Palmetto Park City Center’s tenant roster consists mainly of law firms and financial services companies, such as Merrill Lynch and Fifth Third Bank.

CBRE’s Scott O’Donnell, Jeffrey Kelly and Dominic Montazemi, along with Charles Foschini of CBRE Debt & Structured Finance, collaborated in representing Ram Realty. Juan Arcila with Exan Capital spoke for the unidentified buyer.

Photo credit: CBRE

Upscale Mixed-Use in Preparation in Ft. Lauderdale Beach

24 Sep 2015, 2:38 pm

By Balazs Szekely, Associate Editor

Gale Boutique Hotel & Residences

Gale Boutique Hotel & Residences

Newgard Development Group’s new condominium and hotel project in Fort Lauderdale Beach is off to a good start. With condo sales currently underway, the development has successfully converted its reservations to contracts in just 30 days as preparations are underway in advance of the groundbreaking. Gale Boutique Hotel & Residences will be home to 96 hotel rooms and suites and 129 luxury residential units.

Situated at 2900 Riomar St. and 410 Bayshore Drive, between the Atlantic Ocean and Intracoastal Waterway, the $120 million project’s newly-built 12-story tower will offer one-, two- and three-bedroom condominiums and townhomes, from 850 to nearly 2,200 square feet, with prices ranging from the mid $400,000s to more than $1.2 million. The residential section will offer owners a range of resort-style amenities along with access to the services provided at the hotel component.

The luxury boutique hotel will occupy a group of buildings that formerly housed the Escape Hotel. A comprehensive restoration of the 1940s landmark will make way for 96 hotel rooms and suites. Menin Hospitality will manage the hotel, a company whose South Florida portfolio includes Gale South Beach, Kaskades Suites at Gale South Beach, Sanctuary South Beach and The Bentley South Beach.

The Gale is expected to break ground later this fall and it is scheduled for completion in early 2017.

Rendering courtesy of Newgard Development Group

Cardone Enterprises Grows in Boca Raton

24 Sep 2015, 1:48 pm

By Balazs Szekely, Associate Editor

Realm Boca Raton

Realm Boca Raton

A 102-unit apartment property in Palm Beach County, Realm Boca Raton, has changed hands recently. The multifamily asset is located in East Boca Raton, just south of Camino Real and west of the South Dixie and South Federal highways. Constructed in three phases between 1965 and 1991, the Realm Boca Raton offers floor plans ranging from 425 to 1000 square feet, including studio units as well as apartments with up to three bedrooms and two baths.

Residents have access to a range of community amenities such as three courtyard pools with sundecks, a fitness center, a cyber café, numerous laundry facilities, tropical landscaping and parking. Its location provides quick access to Interstate 95, Florida State Road A1A, and several local parks and beaches.

The seller, New Jersey-based Blue Granite Partners, was represented by Vice President of Investments Joseph P. Thomas of Marcus & Millichap’s Fort Lauderdale office, along with Senior Associate Adam Duncan and Associate Derek Soven. Cardone Enterprises acquired the property for $12.5 million, which equates to just over $122,500 per unit and $186 per square foot.

The limited liability company has invested more than $140 million so far in its presence in the Sunshine State. Its Florida portfolio includes over 1700 units in five communities in Lake Worth, Stuart, St. Lucie, Daytona and Boca Raton. The buyer was secured and represented by Associate Marcus Christensen of Marcus & Millichap’s Miami office.

Photo credit: Yardi Matrix

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