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Pebblebrook Hotel Trust Grabs The Westin Colonnade Coral Gables

14 Nov 2014, 8:45 pm

By Balazs Szekely, Associate Editor

The Westin Colonnade Coral Gables, a 157-room upper-upscale full-service hotel on Miami’s Miracle Mile, was recently acquired for $59.4 million by Pebblebrook Hotel Trust, the company announced.

The company acquired a fee simple condominium interest in The Westin Colonnade. The acquisition marks Pebblebrook’s second investment in Miami and marks the 32nd property in its global portfolio. Built in 1989 and converted into a Westin in 2007, hotel operated at 80 percent occupancy the past year with an average daily rate of $198 and a $159 RevPAR. The new ownership is planning to commence of a comprehensive $7- to $9-million renovation in the second half of 2015.

Located in the heart of the Coral Gables’ commercial district, just south of downtown Miami, the hotel is adjacent to Merrick Park, Miami Marlins Park, the University of Miami, Coral Gables Museum and several retail and leisure destinations. It is also within close proximity to Miami International Airport, Coconut Grove, the University of Miami, South Beach and Brickell Avenue.

The Westin Colonnade’s amenities include an outdoor heated pool with an expansive deck, a fitness studio, valet parking and 23,000 square feet of meeting space that includes a 9,000 square-foot neoclassical marble-tile Rotunda for weddings and other events. The 4,460 rentable square foot restaurant space on the first floor is currently leased to SUSHISAMBA.

The hotel will continue to be operated by Davidson Hotels and Resorts, a hotel management company that provides management, development/renovation, acquisition, consulting and accounting to industry leaders such as Marriott, Hilton, Hyatt and Starwood Family.

Photo credits: Westin Hotels & Resorts


Pebblebrook Hotel Trust Acquires The Westin Colonnade Coral Gables in Miami, Florida

Signs New Retail Tenants

7 Nov 2014, 5:54 pm

By Balazs Szekely, Associate Editor

Downtown Dadeland has recently completed 33,000 square feet of new leases at its retail component. Five new tenants will join soon according to the new owners of the property.

Duncan Hillsley Capital’s joint venture with Pebb Capital acquired the lifestyle retail center back in August. The group is led by Duncan Hillsley Pebb Investments, a private investment firm that pursues opportunities across a range of asset classes which lend themselves to maximizing asset value. The group has engaged Continental Real Estate Companies to lead leasing and property management for the property.

Flippin’ Pizza will occupy 2,100 square feet beginning this month, Verizon will take 6,770 square feet and Which Wich – a sandwich shop – signed for 1,506 square feet with opening date set for December. Hospital Corporation of America will also open a 19,467 square-foot medical office next year, and OCC Burger expands with a 3,450 square-foot restaurant in February. The new tenants join West Elm, Chili’s Bar & Grill, Lime, World of Beer, Men’s Wearhouse, Panera Bread and others.

Downtown Dadeland is a 127,000-square-foot dining and shopping complex with 416 additional residential condo units, situated on 7.5 acres at Kendall Drive, across from Dadeland Mall. It is conveniently accessible through Miami-Dade’s Metrorail system and a number of major thoroughfares including US-1 and the Palmetto Expressway. It is also close to several desirable neighborhoods including Pinecrest, South Miami, Coral Gables and Kendall. Demand drivers in the area include Dadeland Mall, 2 million square feet of adjacent office space, several hotels within walking distance and more than 3,000 residential units nearby.

Photo credits: Downtown Dadeland 

Hotel Urbano under New Ownership, HFF Represents Seller

3 Nov 2014, 4:07 pm

By Balazs Szekely, Associate Editor

Hotel Urbano at Brickell, a 65-key boutique hotel located on historic Brickell Avenue in Miami, Florida changed hands recently, Holliday Fenoglio Fowler announced. The hotel was offered with valuable development rights allowing for a 64-room (12,699 square feet) expansion on the site.

HFF marketed the hotel on behalf of Rodblu Investment Fund 1 and an affiliate of The Carlyle Group, the investment sales team representing the sellers being led by director Max Comess, senior managing director Daniel C. Peek and associate directors Cyrus Vazifdar and Scott Wadler. Baywood Hotels, a Washington, DC-based privately owned hotel management company purchased the property free and clear of debt. According to HFF’s written announcement, the buyer will assume property management.

Built in 1961, the boutique hotel is situated on an expansive parcel at 2500 Brickell Avenue, in the “Millionaires’ Row” area. The site also has frontage on South Miami Avenue. It features an outdoor resort pool, the Bistro Urbano restaurant and bar as well as three meeting spaces with a total usable surface of 1,650 square feet. The pool is surrounded by cabanas that offer a business center, a fitness facility and flat-screen televisions. The property has been completely redeveloped in 2010.

HFF Director Max Comess said the opportunity to acquire Hotel Urbano with the additional urban development rights raised the attention of several investors from the U.S., Latin America and Asia.

“The high physical quality of this hotel combined with a flexible expansion opportunity appealed to Baywood, who has emerged as one of the most active hotel developers in Miami today,” he added.

Photo credits: Hotel Urbano

BrickellHouse Condo Development Complete, Units Sold Out

24 Oct 2014, 5:53 pm

By Balazs Szekely, Associate Editor

BrickellHouse exterior rendering

BrickellHouse, Newgard Development Group’s brand new$190 million, 374-unit luxury condo tower is now completely sold out and has officially received its temporary certificate of occupancy. The developers started sales in October 2011.

Located in downtown Miami’s Brickell Financial District, the 46-story BrickellHouse tower is the first residential high-rise to launch sales following the 2008 economic downturn. Units range in size from studios and one to three bedrooms to penthouses that reach 7,000 square feet. The development features expansive bay, ocean and skyline views as well as state of the art amenities including a rooftop pool deck, health spa and fitness center, completed with a fully-automated robotic parking garage system.

“We believed there was a strong demand for new luxury product in Miami’s urban core and when we sold 90 percent of our units in just a few months, we confirmed it,” said developer Harvey Hernandez, chairman and managing director of Newgard Development Group.

The company recently joined forces with Midgard Management Company to carry out another major project in downtown Miami, the redevelopment of Morris Lapidus’s One Flagler Building, converting it into a boutique office condominium. The partnership is investing $10 million in renovations that include the addition of new office suites and the complete redesign of all common areas and amenities.

“We are continuing to stay ahead of the curve with One Flagler, the first new-to-market office condominium since the downturn,” Hernandez added.

Newgard is also underway with the 352-unit Centro condominium, another project in Miami’s downtown area. It will feature loft-style units, contemporary designs by celebrity designer and social entrepreneur Yves Béhar and a partnership with the Car2Go vehicle-sharing program.

BrickellHouse unit owners are expected to begin moving in starting this November.

Photo credits: Newgard Development Group


Swire Signs 180-KSF Lease with Akerman LLP at Brickell City Centre Green

20 Oct 2014, 2:24 pm

By Balazs Szekely, Associate Editor

Akerman LLP will soon move its headquarters to Brickell City Centre Green. The largest law firm in the Sunshine State will occupy 108,000 square feet, 80 percent of the Class A office space in Swire Properties’ tower.

The new anchor tenant is a top 100 U.S. transactions and trial law firm with more than 600 lawyers and government affairs professionals. With offices in 20 cities nationwide, the company is also ranked among the top 50 law firms for diversity in The American Lawyer’s Diversity Scorecard. Akerman’s Miami branch is the largest on the local market, with 160 lawyers, currently in the SunTrust building at One Southeast Third Avenue. The firm acts as real estate and land use counsel to Swire Properties in the development of Brickell City Centre, Miami’s 5.4 million square-foot, billion dollar development which is the largest mixed-use project currently under construction in the U.S.

Brickell City Centre Green is one of two office buildings under construction within Brickell City Centre. Located at 98 SE Seventh Street, on the East block of the property, the tower has direct access to the Eighth Street Metromover station, which the is currently being upgraded by the developer. The top of the building will wear a sign with Akerman LLP’s name.

The complex has also recently welcomed Saks Fifth Avenue as retail anchor. Reach, the first residential tower of the project is over 70 percent sold at the moment. The second office tower, to be called “Two”, is expected to open in early 2016.

Tere Blanca, President and CEO of Blanca Commercial Real Estate represented the tenant with support from Alexander Cahlin and David Valdez. The relocation has been this year’s largest corporate lease transaction in Miami.

Photo credits: Swire Properties Inc.

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