Demand in South Florida’s commercial real estate market is producing low vacancy rates and a number of major developments in an array of sectors, according to local experts at the third annual Miami Association of REALTORS® Commercial Alliance Midyear Update that took place recently in Coral Gables. Five of South Florida’s top real estate professionals discussed Miami’s booming retail market as well as local developments in the multifamily, capital markets, industrial, and office sectors in an event presented by the MIAMI Association of REALTORS, the nation’s largest Realtor group with 36,000 members.
Today, Whitaker Realty and Todd Kirkpatrick closed on the ultra luxury property at 923 Hillsboro Mile. Located in a high-end neighborhood tucked between the ocean and the Intracoastal Waterway, this 92,000 SF property boasts the highest ever price tag for a single buildable lot on Hillsboro Mile.
Ms. Townsend joined the Florida Investor Services Project Management Group in 2012 as a Project Coordinator in Orlando before transferring to Cushman & Wakefield’s Tampa office in 2014. In this role, she developed and maintained project budgets and timelines, assisted brokers with business development needs, conducted building evaluations, contracted consultants and construction teams, and managed client relocation.
CBRE has been retained as the exclusive advisors for a 1,400-acre development site named “Lakeside Station,” located on the southeast corner of Park Road and US-92 in Plant City, Florida, approximately 15 minutes outside of Tampa. The business park is currently home to significant users. The landowners are looking to re-introduce the rest of the property to current users in the market.
McCraney Property Company, a leading developer of modern high-finish industrial properties, secured a new lease for 99,214 square feet 60 days prior to Certificate of Occupancy (CO) at Bent Oak Industrial Park, Building 200, in Orlando, Fla. The transaction with Shepard Exposition Services, an Atlanta-headquartered national event service enterprise focusing on trade shows and experiential marketing, represents a relocation and expansion within the Central Florida market
The industrial brokerage team of Associate Director Jared Bonshire and Senior Associate David Perez brokered the sale of Southport Center and Palmbay Center. Bonshire and Perez represented the buyer in the transaction, High Street Realty Company. The seller was Southport Center @ AIPO LLC and Palmbay Center @ AIPO LLC
CBRE Capital Markets arranged the sale of Barrington Place Apartments, a 233-unit apartment community in the Oviedo area of Orlando for an undisclosed amount. Located at 2785 Chaddsford Circle, the complex was completed in 1998 and has a current occupancy of 95%.
CBRE Capital Markets arranged the sale of Lakeshore Apartment Homes, a 224-unit rental community in the Altamonte Springs area of Orlando. Located at 210 Altamonte Bay Circle, the lakeside property was acquired from a private equity group based in Denver by a Canadian investment firm for $23.65 million. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction
Cushman & Wakefield announced today that Senior Associate Michael J. Gerrior, representing Amalgamated Realty, assisted Dr. Fernando G. Miranda in the relocation of his six-employee neurology practice to 2801 Ocean Drive in Vero Beach, Florida
Taylor & Mathis of Florida and AEW Capital Management, L.P. announced today that 355 Alhambra located in downtown Coral Gables received Leadership in Energy and Environmental Design (LEED) Silver Recertification, the U.S. Green Building Council’s (USGBC) leading-edge system for designing and constructing a sustainable, energy-efficient and high-performance building. Green building strategies offer tangible ways for companies to improve their work environment and minimize their environmental impact while strengthening the bottom line.
Messinger, representing building owner Millennium Partners, secured an 8,600-square-foot lease with IMS Internet Media Services (IMS) and a 5,574-square-foot lease with Big Sur Partners. Both firms are relocating from within the Brickell submarket and have committed to long-term deals with expected fourth quarter 2015 move-in dates.
Congresswoman Frederica S. Wilson Secures $400,000 EPA Revitalization Grant for the City of Opa-Locka
Congresswoman Frederica S. Wilson (FL-24) announced today that the City of Opa-Locka will receive revitalization grants totaling $400,000 from the U.S. Environmental Protection Agency (EPA). Opa-Locka is one of nine communities in Florida to receive a portion of more than $3.9 million in Brownfield grants. This investment will provide communities with funding necessary to assess, clean, and redevelop contaminated sites, which will boost local economies and leverage jobs while protecting public health and the environment
CFO and State Fire Marshal Jeff Atwater, alongside Miami-Dade State Attorney Katherine Fernandez Rundle, today announced 30 more arrests made during the second wave of a collaborative state and local operation known as “Operation Flames and Floods.” The investigation exposed an extensive scheme in which a Miami public adjuster named Jorge Espinosa recruited homeowners to stage fire and water damage claims in residential homes in order to defraud multiple insurance companies.
CBRE arranged the $27.2 million sale of Vizcayne Retail - 55,000-square-foot of ground floor retail plus 126 dedicated parking spaces located at the base of two 49-story condominium towers at the intersection of Biscayne Boulevard and N.E. 2nd Street in Downtown Miami. The property was acquired by an affiliate of Stoltz Real Estate Partners, based in Bala Cynwyd, PA. CBRE’s National Retail Investment Group
CBRE Capital Markets arranged the sale of The Park at Laurel Oaks, a 552-unit apartment community in Winter Springs, Florida, about 15 minutes outside of Orlando. The gated community, located at 1 Laurel Oaks Drive, was acquired from Laurel Oaks, LLV by an affiliate of New York-based White Eagle Property Group for $54 million. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction
CBRE Capital Markets arranged the sale of Century Waterford Lakes, located at 12101 Fountainbrook Blvd., Orlando, FL. The 400-unit apartment community was completed in 2000 and has a current occupancy of 92%. CBRE exclusively represented the seller in the transaction, Centennial Holding Company. The property was acquired by an undisclosed buyer.
CBRE arranged the sale of Glades Twin Plaza, a 98,312-square-foot boutique office property located in Palm Beach County’s prestigious Boca Raton submarket. L&B Realty Advisors of Dallas, Texas, acquired the asset at 2300 Glades Road in Boca Raton for $23,750,000, or $242 per square foot, from a fund managed by BlackRock. CBRE represented the seller
Half of all real estate investors in North America intend to increase their property acquisitions in 2015, with San Francisco the number one target for the second year in a row, according to the CBRE North America 2015 Investor Intentions Survey. For the first time ever, Miami ranked among the top ten U.S. cities that North American investors are targeting for investment.
CBRE Hotels has been engaged to market the DoubleTree by Hilton, a 742-guestroom hotel located in Orlando, Florida – the number one tourist destination in the United States. The well-established property, at 5780 Major Boulevard, is located directly at the entrance of the Universal Orlando Resort. The Hotel is being offered unencumbered by management and, with the current franchise agreement expiring in May 2016, the Hotel is effectively unencumbered by brand
CBRE has been engaged by Kimco as the exclusive leasing agent for two neighborhood retail centers in Broward County, Florida. CBRE retail professionals Lisa Ferrazza and Nicole Fontaine will represent Cypress Creek Station at 6201-6531 N. Andrews Ave. in Fort Lauderdale and Maplewood Plaza at 1146-1200 N. University Drive in Coral Springs