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News
Sawgrass Center reaches 100 percent occupancy
03/26/2012
Tenant representation

Sawgrass Center in Coral Springs has now reached 100 percent occupancy, following a deal by Alex’s Bicycle Pro Shop for 4,800 square feet. It is the second store location for the company. Terranova leasing agent Andrei Pintilie represented Alex’s Bicycle Pro Shop in the deal. “It was my ultimate goal to open our second location at Sawgrass Center, and I am delighted to have finalized our lease,” said Alexander Lai, the company’s owner. — Alexander Britell

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Reports
Miami-Dade County Retail Report 2011-2012
04/04/2012
Market research

Occupancy and average asking rent in Miami-Dade shopping centers are holding steady going into 2012, sustaining the improvement they began to exhibit a year before and settling into the county’s new normal.

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Press Releases
TERRANOVA CLOSES $3.7 MILLION, 27,000 SQUARE-FOOT LEASE FOR HEALTH MANAGEMENT ASSOCIATES IN SARASOTA, FL
03/26/2012
Leasing

SARASOTA, Fla., – Terranova closes a $3.7 million lease for Hospital Management Associates, Inc., a subsidiary of Naples based Health Management Associates, Inc. (HMA), in the Sarasota Commerce Center II located at 101 Arthur Andersen Parkway Sarasota, FL 34232.

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COMMERCIAL REAL ESTATE NEWS

Maitland Complex Wins 85% of Market Absorption

ORLANDO-New Boston Fund's Pryce Elam tells GlobeSt.com's Jennifer LeClaire that Orland is still very much a tenant's market.

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (May 13-19)

This week's People of Note includes the following markets: Austin, Chicago, Houston, New York City, Philadelphia, Phoenix, San Antonio and Washington, DC. AUSTIN Transwestern Expands Investment Services Group By Dennis Bozzell Transwestern’s Central Texas region added Leah Gallagher as managing director for the firm's investment services group in Austin. Gallagher’s duties will include representing major institutional, government and private...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (May 13-19)

This week's People of Note includes the following markets: Austin, Chicago, Houston, New York City, Philadelphia, Phoenix, San Antonio and Washington, DC. AUSTIN Transwestern Expands Investment Services Group By Dennis Bozzell Transwestern’s Central Texas region added Leah Gallagher as managing director for the firm's investment services group in Austin. Gallagher’s duties will include representing major institutional, government and private...

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COMMERCIAL REAL ESTATE NEWS

If Kids Can Play, Will Mom Shop?

In their bid to keep shoppers from deserting to the Internet, more malls are adding sprawling play spaces.

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COMMERCIAL REAL ESTATE NEWS

Transwestern Brings Seventh Industrial Building to 100% Occupancy

MIAMI-The increased demand for class A distribution space has reduced supply and pushed an uptick in lease rates as well as pricing.

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COMMERCIAL REAL ESTATE NEWS

A $1 Billion War Chest for Net Leased Properties

Fast-growing Realty Income Corp. likely will be growing even faster soon. The Escondido, CA-based buyer of net-leased commercial properties entered into a new $1 billion unsecured acquisition credit facility, more than doubling its existing $425 million credit facility. Under terms of the new credit facility, total funds available will be $1 billion, plus an additional $500 million accordion-expansion feature. The initial term of the new facility...

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COMMERCIAL REAL ESTATE NEWS

Sime Realty Named Exlcusive Agent at Palmetto Bay Village Center

Grouper Financial Realty LLC has retained Sime Realty Corp. as the exclusive leasing agents for the Offices at Palmetto Bay Village Center. Located at 18001 Old Cutler Rd. in Village of Palmetto Bay, FL, the center is a three-building, 266,819-square-foot office park with beautiful views of Biscayne Bay. President Scott Sime and vice president Elizabeth Santos will handle the leasing and marketing of the property. Situated on 80 acres, the office...

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COMMERCIAL REAL ESTATE NEWS

Builder Is Constructing REIT for Home Rentals

Beazer Homes has formed a REIT with KKR that will buy and then rent single-family homes, one of the largest and most talked-about asset classes in the real-estate business.

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COMMERCIAL REAL ESTATE NEWS

REO Office Building Fetches $5M in Sunrise

FORT LAUDERDALE, FL-Aztec Group's Ezra Katz tells GlobeSt.com's Jennifer LeClaire the notion of "bottom" differs from deal to deal.

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COMMERCIAL REAL ESTATE NEWS

Off 5th On for Seven Simon Centers

Saks Fifth Avenue Off 5th, the high-end fashion retailer's discount outlet chain, will open seven new stores in the next two years in Simon Property Group Inc.'s Premium Outlets division, including new and existing centers. The first new Saks Fifth Avenue Off 5th store will occupy 28,000 square feet at the grand opening of Merrimack Premium Outlets in June in Merrimack, NH. Share this story with your followers here.Tweet Other Locations and...

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COMMERCIAL REAL ESTATE NEWS

Aztec Group Secures Financing for Winn-Dixie

Aztec Group, Inc. secured a $7.02 million permanent loan for the Winn-Dixie property located at 3725 Coral Way in Miami, Florida. Jason Shapiro and Jim Fried, managing directors of Aztec Group arranged the financing for the borrower. Constructed in 1990, the Winn-Dixie is located on the east side of the Coral Gables submarket. With direct frontage along Coral Way, the store is strategically placed along a major corridor that connects Downtown...

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COMMERCIAL REAL ESTATE NEWS

Pointed Spat Over World Trade Spire

One World Trade Center's owners are sparring with their architects over what goes on top—a dispute that could stop the structure being recognized as America's tallest.

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COMMERCIAL REAL ESTATE NEWS

Building Supply Flip-Flop Helps Local Firm Avoid Auction

PALM BEACH, FL-Reichel fast-tracked the sale, giving the new owner an opportunity to open the the morning after Lainhart & Potter closed it.

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COMMERCIAL REAL ESTATE NEWS

Growth Diagnosis Differs for Largest Drugstore Chains

The nation's three largest retail pharmacy chains continue to diverge on their real estate expansion plans. Rite Aid Corp., which has consolidated dramatically since the onslaught of the Great Recession, has recently slowed the pace of closures and believes it now may even have an opening to regain some marketshare. Walgreen Co., which had slowed annual growth from 4%-5% to 2%-3%, this year is slowly starting to ramp up growth again. However...

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COMMERCIAL REAL ESTATE NEWS

Gaia, Starwood Acquire and Recapitalize 9,500-Unit Multifamily Portfolio

Gaia Real Estate and an affiliate of Starwood Capital Group agreed to invest $22.5 million of new equity to acquire and recapitalize PJ Finance Co., which filed for Chapter 11 bankruptcy protection in March 2011 and reemerged as a going concern on May 11, 2012. PJ Finance's assets include a multifamily portfolio with more than 9,500 multifamily units in major metropolitan areas throughout the Sunbelt region. More than 45% of units are in Dallas...

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COMMERCIAL REAL ESTATE NEWS

Tax Terms Amended in Empire State Building IPO

The Malkin family that controls the Empire State Building has agreed to change the terms of the skyscraper's public offering, making the tax treatment less punitive to small investors.

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COMMERCIAL REAL ESTATE NEWS

Standalone Winn-Dixie Gets $7M Refi Before BI-LO Acquisition

MIAMI-Aztec Group's Jason Shapiro tells GlobeSt.com's Jennifer LeClaire the location and the recent renovation helped seal the deal.

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COMMERCIAL REAL ESTATE NEWS

In The Pipeline: CoStar Development & Construction News for May 6 - 12

In The Pipeline is a column on significant acquisitions of commercial land for sale, and other transactions and trends affecting office, industrial, flex, multifamily, mixed-use, hotel and public works developers. Send us news leads about your new commercial real estate project -- and sign up to be added to our distribution list to receive future In the Pipeline columns by e-mail. Amazon To Add New Distribution Centers In CA Amazon.com, already...

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COMMERCIAL REAL ESTATE NEWS

North Gables Executive Ctr Commands $5.15M

Nor Peru Capital 2 LLC, a foreign investor, acquired the North Gables Executive Center from One Executive Offices LLC for $5.15 million, or about $278 per square foot. The office building delivered in 1965 and had extensive renovations in 2011. It is located at 1000 Ponce De Leon Blvd. in Coral Gables, FL. The building was 100 percent leased at the time of sale. The buyer will continue to lease out the building as executive suites. Douglas...

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COMMERCIAL REAL ESTATE NEWS

Ohio REIT Heads Upscale

Associated Estates Realty Corp., which owns rental-apartment buildings in cities like Indianapolis and Columbus, Ohio, is pushing into the upscale Los Angeles market despite some investor concerns.

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COMMERCIAL REAL ESTATE NEWS

Once-Struggling Miami Tower Continues Wooing Legal Tenants

MIAMI-The building is now more than 85% occupied. It was in the mid-70s when Transwestern took the assignment in Dec. 2010.

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COMMERCIAL REAL ESTATE NEWS

DEB Selects Cassidy Turley to Manage New, Remodeled Stores Nationwide

DEB Shops has selected Cassidy Turley's retail corporate services team to handle the retailer's project management services for new and remodeled stores throughout the U.S., managing all components of the program - from store planning and design through construction, fixturing, closeout and opening. Based in Philadelphia, DEB Shops is a fast fashion retailer specializing in women's clothing and accessories for both junior and plus-size customers...

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COMMERCIAL REAL ESTATE NEWS

Hotel Developers Pay $12.5M for Half Acre in Miami Beach

King & Grove Hotels, a hotel development company, acquired three parcels along Collins Ave. in Miami Beach, FL from LeaseFlordia LLC for $12.5 million. The deal represents a 0.639-acre tract. 1201 Collins Ave. is a parking lot on 0.3 acres, 1221 Collins Ave. is a three-story retail building totaling 12,279 square feet on 0.2 acres, and 1225 Collins Ave. is a two-story, 6,580-square-foot office building on more than 0.15 acres. The seller and...

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys: Looks Don't Matter

Strange looks of a building apparently aren't enough to scare off big-name investors. That's the case with 100 Federal Street in Boston—the so-called "pregnant building" recently purchased by Boston Properties.

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COMMERCIAL REAL ESTATE NEWS

Tower Realty Enters Orlando Office Market With Century Buy

ORLANDO-Tower's Reid Berman tells GlobeSt.com's Jennifer LeClaire it was tricky to underwrite the vacancy with a major moving target.

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COMMERCIAL REAL ESTATE NEWS

Gables Granada Plaza Acquired for $7.5M

Steiner Leisure Limited acquired the Gables Granada Plaza office building at 770 S. Dixie Hwy in Coral Gables, FL from Gables Granada Plaza, Inc. for $7.5 million, or about $212 per square foot. The property is a two-story, 35,313-square-foot building constructed in 1990. The buyer was the second floor tenant, who will expand into a larger portion of the first floor leaving less than 5,000 square feet available for lease. Bill Bailey and Thad...

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COMMERCIAL REAL ESTATE NEWS

U.K. Pushes 'Social' Housing REIT Plan

Facing a dearth of new-home construction, the U.K. real-estate industry and government are looking at ways to encourage the formation of new real-estate investment trusts that would focus on subsidized housing.

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COMMERCIAL REAL ESTATE NEWS

Six Questions for Lee Arnold

TAMPA, FL-Colliers' Lee Arnold gives GlobeSt.com's Jennifer LeClaire the inside scoop on Tampa's first new office tower in 20-plus years.

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COMMERCIAL REAL ESTATE NEWS

Kendall Breeze Plaza Trades for $9.5M

Kendall Breeze Shopping Center LLC acquired the Kendall Breeze Plaza located at 12300 - 12498 SW 127th Ave. in Miami, FL from ASA Investments of South Florida, Inc. for $9.5 million, or about $118 per square foot. The 80,225-square-foot plaza is anchored by Baptist Health South Florida. It was built in 2003 on 10.3 acres in the Kendall submarket of Miami/Dade County. Betty Gonzalez of The Keyes Company represented the seller, while Roberto...

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COMMERCIAL REAL ESTATE NEWS

The New Nontraded REITs

A controversial real-estate investment is getting a makeover—and while the critics still aren't sold, some advisers say it is worth considering for investors comfortable with the risks.

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COMMERCIAL REAL ESTATE NEWS

Miami Beach Gets In On Next Wave of Condo Development

MIAMI-If three projects in the pipeline are approved, it means hundreds of new residential units coming online in the next two to five years.

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COMMERCIAL REAL ESTATE NEWS

Liberty Investments Secures Finanicing for Colonial Acres Mobile Park

Aztec Group secured $9.15 million in senior debt financing for Colonial Acres Mobile Home Park in Miami, FL. Senior managing director Howard Taft and director Charles Penan of Aztec Group, Inc. arranged the financing for the owner. Located at 9674 NW 10th Ave. in Miami, Florida, Colonial Acres is a 296-pad mobile home community. The park average occupancy rate is around 97 percent. Over the next few years, the park's ownership, Liberty Investments...

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COMMERCIAL REAL ESTATE NEWS

Paris Business Hub Goes on Defense

Paris's La Défense district, launched more than 50 years ago and now the largest business center in continental Europe, is suffering growing pains that raise questions about how and where Paris will expand in the future.

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COMMERCIAL REAL ESTATE NEWS

DCT Industrial Breaks Ground As Demand for Space Spikes

MIAMI-The Airport/Doral submarket accounted for more than 45% of the total 1.3 million square feet of absorption in first quarter 2012.

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COMMERCIAL REAL ESTATE NEWS

Investor Sells 2.2 Acres for $22M

Local investor Carlos Mattos of Sunny Isles Property Holdings LLC traded the 2.2-acre oceanfront parcel at 16901 Collins Ave. in Sunny Isles Beach, FL to an affiliate of Fortune International Realty for $22 million, or approximately $10.17 million per acre. The 94,220-square-foot land site is located in the Aventura submarket and is zoned MUR. The development plans for this site are unknown, but the buyer owns and developed the immediately-adjacent...

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COMMERCIAL REAL ESTATE NEWS

Deal Is Near to Develop Willets Point

The Bloomberg administration is nearing a deal with the Related Cos. and a real-estate firm controlled by owners of the New York Mets to build a retail and residential development on a gritty swath of Queens near Citi Field.

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