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CENTURY-OLD DOWNTOWN MIAMI BUSINESS HEADS TO HIALEAH

CENTURY-OLD DOWNTOWN MIAMI BUSINESS HEADS TO HIALEAH

The Cromer Company signs 26,000-SF lease in Hialeah Gardens

Miami, FL – August 24, 2015 – (RealEstateRama) — CBRE arranged a long-term lease for a century-old business that is leaving the urban core to make way for the Miami WorldCenter development. The Cromer Company, a wholesaler specializing in resort apparel like t-shirts, beach towels, flip flops, and cover ups, signed a long-term lease for 26,000 square feet at 9800 NW 78th Avenue in Hialeah Gardens, FL. CBRE’s Mike Silver arranged the lease on behalf of the tenant.

Cromer Company had operated out of a downtown Miami warehouse at 55 N.E. 7th Street since 1957, but in 2013 it sold that property and adjacent parcels of land (a 60,000-square-foot lot) to the developers of Miami WorldCenter for $16 million. The company leased back its warehouse, but with that lease now expiring, it will relocate beginning September 1, 2015 to the new facility in Hialeah Gardens – a 52,000-square-foot multitenant building with 20-foot clear ceiling heights and dock-height loading.

“This property provides Cromer the ideal location and environment in which to further grow its century-old wholesale business, with the added convenience and efficiency of a modern industrial facility,” said CBRE Senior Vice President Mike Silver.

“As one of Miami’s oldest family-run businesses, we’re excited for this new chapter in our history, and while we’ll miss being in downtown Miami , the more modern warehouse space fits our needs better and we’re excited for the incredible transformation to the city that the Miami WorldCenter development will bring,” said Daniel Cromer, CEO.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

About Cromer Company
The Cromer Company is a third-generation family-owned and operated wholesale business specializing in resort apparel and bed and bath linens. Originally founded as the NY Department Store in 1913, the business became Cromer Cassel’s Department Store, which in turn became Richard’s Department Store, located on NE 1st Avenue, before transitioning to a wholesale business in the 1940s. The company is run by Daniel Cromer. Please visit our website at www.cromercompany.com.

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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

Contact:

Nadja Brandt
Corporate Communications, Pacific Southwest

+1 213 6133627