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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







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