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AN ODE TO A FALLEN RETAIL STRIP, WE HARDLY KNEW YE
05/05/2015
Redevelopment construction management

CURBED - BY SEAN MCCAUGHAN. The mostly-demolished single story retail strip at 723 Lincoln Lane North may not look like much, and on the face of it that's all this building really was: a row of retail tenants on an alley just off Lincoln Road. A simple structure. But, with its jaunty pink and green design, and Lincoln Road adjacency without quite the Lincoln Road rents, it was a friend to many and a silent symbol of the multiple lives of Lincoln Road's evolution.

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Reports
TRENDS - Urban Retail Report 2014-2015
05/02/2015
Market research

An unrelenting draw toward urban lifestyles characterized South Florida's major retail streets in 2014, as national and international retailers grabbed new locations in urban settings. Not only national and international, but local restaurants and cafes, fashion stores, and art galleries continue to find a thriving environment for new concepts and a fertile ground for expansion in the region's major retail streets. As a result, average asking rent climbed on all South Florida major retails streets. Vacancy increased in six of the streets, but increases were either minor, or reflective of unique circumstances on each.

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Press Releases
MATSURI ROLLS ONTO MIRACLE MILE WITH NEW SUSHI CONCEPT
05/06/2015
Leasing

MIAMI BEACH, FL – May 6, 2015 –A revolution is sweeping the nation as a wave of health conscious young adults are demanding fresher and healthier options when eating out. Many have turned to Japanese cuisine, known for its dietary qualities, to solve this fast food fiasco.

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COMMERCIAL REAL ESTATE NEWS

Retailers Struggle To Find Balance Between Expanding Online or Opening More Stores

Despite upbeat sales projections from retailers, strong consumer-confidence levels and a host of other positive-trending economic indicators, retailers are still struggling to find the best approach to funding growth in the new U.S. retail marketplace. According to BDO USA’s ninth annual analysis of risk factors cited by the 100 largest U.S. retailers in their most recent annual report filings, concerns over how best to spend on growth initiatives...

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COMMERCIAL REAL ESTATE NEWS

TGM Vintage at Abacoa Sold for $82M

TGM Associates sold the 390-unit TGM Vintage at Abacoa, located at 863 University Blvd. in Jupiter, FL, to Heitman LLC for $82 million, or approximately $210,000 per unit. The 690,000-square-foot multifamily building was built in 2003 on 21.9 acres in Palm Beach County. It features more than 600 parking spaces. Jaret Turkell and Maurice Habif of HFF represented seller in the sale. For additional information on this transaction, please see...

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Calgary's Office Boom Skids on Oil Slump

When crude prices were high, the commercial real-estate market in Canada’s oil capital rivaled that of Houston. Now energy companies are cutting back, vacating a record amount of space even as construction of nine major buildings is under way.

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COMMERCIAL REAL ESTATE NEWS

Mooallem Joins Federal Realty as Managing Director of Core Shopping Center Operations

Jeffrey S. Mooallem has joined Federal Realty Investment Trust in the newly created position of senior vice president and managing director of its core shopping center operations. Mooallem will be based in the shopping center REIT's Rockville headquarters and report to president and CEO Don Wood. A real estate executive with more than two decades of experience in operations, leasing, acquisitions and development, Mooallem will be responsible...

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COMMERCIAL REAL ESTATE NEWS

Del Junco Joins Cushman & Wakefield

Karina Del Junco has joined the Miami office of Cushman & Wakefield as a property manager with the firm's investor services group. In her new role, Del Junco will be responsible for a portfolio of 1 million square feet of class A office, retail, and industrial properties within the Miami/Dade and Southern Broward County markets. Prior to joining the company, Del Junco served as assistant general manager for JLL where she managed two office buildings...

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COMMERCIAL REAL ESTATE NEWS

Below the Surface Lies Retail

Construction should start in about a month on a $14.5 million retail concourse named Turnstyle, two underground blocks on the corridor leading to the 59th Street-Columbus Circle subway station.

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COMMERCIAL REAL ESTATE NEWS

Westfield Re-Establishing U.S. Retail Stronghold with $3 Billion Pipeline

Westfield Group, a global retail powerhouse that emerged last year from a two-year restructuring effort which saw it sell off many of its U.S. holdings, is on track this year to open several new malls emerging from the firm's $11.4 billion development pipeline. More than $3 billion of that new development is targeted in New York and California. The Sydney, Australia-based firm owns and manages an international portfolio of 40 shopping centers in...

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COMMERCIAL REAL ESTATE NEWS

Verzasca Grp to Develop Luxury Tower in North Miami Beach

Verzasca Group will break ground next month on a proposed 19-story, 121,600-square-foot luxury residential tower at 17550 Collins Ave. in North Miami Beach, FL. No stranger to the South Florida development scene, the buyer has two other projects in development in Bay Harbor Islands, including the 76-unit residential condominium tower at Sunny Isles Beach. Add On Investments sold the 0.99-acre lot on the west side of Collins Ave. to Verzasca...

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COMMERCIAL REAL ESTATE NEWS

California Ruling Could Dent Building

California, a state notorious for strict environmental reviews and aggressive community activist groups, may have just gotten even tougher for developers.

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COMMERCIAL REAL ESTATE NEWS

Exuberance Rampant at Marcus & Millichap's Annual RECon Retail Presentation

The Marcus & Millichap Retail Trends presentation is always one of the best barometers of the mood at ICSC's RECon -- and this year's 16th annual presentation held by the brokerage was positively celebratory, with only a few small caveats cautioning lenders and developers not to get too overconfident about the good times. Unlike the previous real estate cycle during the 2000s, the Marcus & Millichap execs believe the current economic expansion...

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COMMERCIAL REAL ESTATE NEWS

Office Lease Up (May25) North Shore-LIJ Takes 252,000 SF for 32 Years

North Shore-LIJ Health System, one of the largest integrated health systems in the U.S., signed a 32-year lease for 252,000 square feet in the North Hills building at 600 Community Dr. in Manhasset, NY. The four-story, 252,000-square-foot office building was constructed in 1984. The property is located on nine acres in the Western Nassau submarket, adjacent to The North Shore University Hospital. Waterstone Development Group acquired the building...

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COMMERCIAL REAL ESTATE NEWS

Brookfield Moves Ahead With $2 Billion Tower

Brookfield Property Partners is plowing ahead with a giant $2 billion glass tower on New York City’s West Side.

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COMMERCIAL REAL ESTATE NEWS

Top 5 Takeaways From 2015 RECon Conference

This week's International Council of Shopping Centers (ICSC) RECon convention saw the strongest turnout in years, with at least 35,000 deal-makers attending the annual retail property conference in Las Vegas. With retail sales edging back up and a lack of suitable sites, expanding retailers are prompting a fledgling wave of new development in addition to stepped-up leasing and investment sales activity. During panel sessions and in the corridors...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (May 17 - 23)

It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: South Florida, Charlotte, Los Angeles, Orlando, Atlanta, New York City, and Northern New Jersey. SOUTH FLORIDA Nostrand Named CEO for NAI Miami By Esmeralda McKie Industry veteran Stephan Nostrand is relocating to NAI Miam

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COMMERCIAL REAL ESTATE NEWS

In Real Estate, Branded Content Is News

Big-name real estate services firms are joining the rush of businesses into new types of marketing that blur the lines between journalism and branding.

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COMMERCIAL REAL ESTATE NEWS

Walmart Neighborhood Market Coming to Nor-Dan Shopping Center

Walmart agreed to terms on a 42,000-square-foot lease with Phillips Edison & Co. that will bring the first Neighborhood Market to the Danville, VA area. A smaller footprint of the mega-retailer, Neighborhood Market will join anchor tenants Big Lots and It’s Fashion Metro at the Nor-Dan Shopping Center, a 170,410-square-foot community center located at the intersection of Nor-Dan Dr. and Rt. 29. Formerly occupied by Piggy Wiggly, Neighborhood...

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COMMERCIAL REAL ESTATE NEWS

TIAA-CREF Pays $90M for Casa Palma

ZOM, Inc. and AEW Capital Management sold the 350-unit Casa Palma at 6112 SR-7 in Coconut Creek, FL to TIAA-CREF for $89.88 million, or approximately $257,000 per unit. The 489,000-square-foot multifamily building was built in 2014. It sits on 20.1 acres and has over 600 parking spaces. This property is located in the Outer Coral Spring submarket. Robert Given of CBRE represented seller. For additional information on this transaction...

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COMMERCIAL REAL ESTATE NEWS

New Luxury Projects Add to Rent Squeeze

A shift in focus by developers from moderately priced to luxury apartments in markets across the U.S. partly explains why apartment rents are climbing at a rapid pace.

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Ascena to Buy Owner of Ann Taylor and Loft Stores

The annual Las Vegas gathering of retail property owners and retailers at this year's RECon conference kicked off with a bang this week with the news that Ascena Retail Group will buy the owner of Ann Taylor and Loft in a cash-and-stock deal valued at about $2.16 billion. New Jersey-based Ascena plans to add Ann Taylor to its line of fashion-based apparel stores, which includes Lane Bryant, Justice, Dress Barn and Cacique. All told, Ascena owns...

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COMMERCIAL REAL ESTATE NEWS

Altegra Health Leases 53,000 SF in Weston

Avison Young has signed national vendor Altegra Health to the last remaining contiguous office or industrial space in Weston, FL over 50,000 square feet. The tenant is relocating to Weston Park of Commerce at 1725 N Commerce Pky, which used to be occupied by American Express for 10 years. TA Realty has owned Weston Park of Commerce since 2006 and approached Avison Young to find a new tenant once they were aware American Express would vacate the...

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COMMERCIAL REAL ESTATE NEWS

Property Dynasties Team Up to Fund Miami Project

Two prominent families are digging into their pockets to finance the initial stages of a $4 billion project in North Miami. Lenders these days are remaining picky when it comes to backing land acquisition and improvement, the riskiest part of development.

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COMMERCIAL REAL ESTATE NEWS

NGKF To Acquire Excess Space Retail Services Inc.

BGC Partners Inc., owner of Newmark Grubb Knight Frank Global Corporate Services (NGKF), agreed to acquire Excess Space Retail Services Inc. to expand its retail brokerage reach. Excess Space provides real estate disposition, lease restructuring and lease renewal services, as well as related valuations for retailers nationwide and currently advises on 35.6 million square feet of retail space in North America. Terms of the deal were not disclosed...

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COMMERCIAL REAL ESTATE NEWS

Nostrand Named CEO for NAI Miami

Industry veteran Stephan Nostrand is relocating to NAI Miami as its new CEO and COO. In December, Nostrand's team at Colliers International South Florida was acquired by Avison Young, which led to Nostrand's decision to make the switch to NAI Miami. Nostrand is replacing former NAI South Florida President Jeremy S. Larkin and former CEO Edward L. Schmidt, tasked with handling the firm's daily operations. The two have been elevated to co-chairmen...

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COMMERCIAL REAL ESTATE NEWS

World Trade Center Station's Troubles Take Toll on Architect

The PATH station at the World Trade Center was planned to be a jewel of the 16-acre development site, but cost overruns have made a scapegoat out of Spanish-born architect Santiago Calatrava.

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COMMERCIAL REAL ESTATE NEWS

Skanska Selected to Lead Renovation at Chris Evert Children's Hospital

Skanska USA has been selected to lead a major renovation at Broward Health Medical Center that will see new state-of-the-art facilities at the Chris Evert Children's Hospital in Fort Lauderdale, FL. The plan includes 102,000 square feet of inpatient and outpatient areas across multiple floors and spanning various pediatric units within the medical center. When completed, the facility will feature private critical-care rooms with space for parents...

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COMMERCIAL REAL ESTATE NEWS

One Property Firm Doubles Down in Brazil

New York-based GTIS is now the largest hotel owner in Brazil, following a $400 million takeover of Brazil Hospitality Group. The U.S. investor plans to upgrade properties and expand the hotel operator’s reach.

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COMMERCIAL REAL ESTATE NEWS

Edelman, Goldstein Join Avison Young

Avison Young has hired veteran tenant representation specialists Keith Edelman and Scott Goldstein (pictured, right). The duo will be based in the company’s Miami office. Edelman and Goldstein primarily focus on servicing office market clients in Miami’s central business district and throughout South Florida. Edelman brings 20 years of experience and Goldstein brings 15 years, both most recently serving as senior vice presidents with JLL. Together...

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CIM, Partner Agree to Sell 11 Madison Ave. for $2.6 Billion

CIM is cashing in with a deal this week to sell a 29-story office tower in Manhattan for $2.6 billion, the second-highest sale price ever for a U.S. office building.

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