The Deal Sheet
Big floor plates are the thing in office buildings these days, and sometimes that means really big. (We're looking for a space large enough to fit a regulation-sized hockey rink.) Taylor & Mathis’ Brian Gale tells us that the 45k SF-plus floor plates were key to leasing 45k SF at the 9250 Doral building to California-based West Coast University.
After the building’s only tenant skedaddled a couple of years ago, leaving it vacant, owner Delma Properties spent about $7M to renovate the property (9250 NW 36th St) and make it more competitive, including improvements to the interior finishes of its large floors to make it feel like a new building, Brian says. The property, next to the Doral Golf Resort and Spa and not far from Doral city center, appeals to execs pursuing a live-work location. Brian repped Delma in the deal, while CBRE’s Charlie Carroccio and Scott Allen repped West Coast University.
CONSTRUCTION & DEVELOPMENT
BrickellHouse, a 374-unit condo tower under development by Newgard Development Group in the Brickell Financial District, recently topped-off construction at 46 stories. Already 99% sold, the property will be completed this summer; when it launched sales in late 2011, it was an early harbinger of the return of the Miami condo market. The $170M residential development features a number of high-end amenities, but one (so far) unique to South Florida—a fully automated robotic parking garage system.
SALES
A Customs Brokerage sold the 38k SF 5400 NW 84th Ave in Doral, an industrial property, for $2.5M to a private investor and then did a leaseback deal for 18 months. Cornerstone International Realty’s Hector Catano and Frank Trelles repped the seller. A Customs Brokerage, which is an international customs brokerage and logistics firm, holds a National Permit allowing clearance of merchandise in any US Port via remote filing.
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Hotel Eva, a 29-room property at 1506 Collins Ave in South Beach, sold for $11M. Ventura Way LLC, managed by Orlando Valdes, sold it to J3 Collins Ave LLC, which is managed by James Potter. Real Miami Commercial Real Estate’s Isabel Fine repped both parties in the deal. The early 1960s-vintage property fetched about 90% more than the last time it sold, back in 2008.
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An 11k SF property occupied by CVS Pharmacy on SW 8th St in Miami traded hands for over $4M. Marcus & Millichap Real Estate Investment Services’ Kirk Olson and Drew Kristol repped the seller, a Coral Gables LLC, while Marcus & Millichap’s Paul Nudelman repped the buyer, a private investor from Miami.
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Shoppes at Independence Bay, a 15k SF unanchored retail center located at 1101 S Powerline Rd in Deerfield Beach, sold for $3M. The buyer, Village Square Plaza, bought it from Rosemurgy Properties as part of a 1031 exchange deal. The shopping center is 100% leased with a mix of local and national retail tenants, including Subway and Dunkin’ Donuts. CBRE’s David Donnellan and Todd Weintraub were the sole brokers in the transaction.
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In a separate deal, CBRE arranged the sale and new financing of Brandywine Centre I, a 69k SF Class-B office building with a restaurant outparcel at 580 and 600 Village Blvd in West Palm Beach. G&C Brandywine Investors LLC (an affiliate of Grover Corlew LLC) bought the property for $7M from BCI Associates. The property was 69% leased at time of closing. Involved in the deal were Scott O’Donnell, Dominic Montazemi, and Miguel Alcivar, all with CBRE’s Private Capital Group; and Jason Hochman, with CBRE’s Debt and Structured Finance Group.
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Aventura-based Trade Street Residential inked a deal to acquire two apartment properties totaling 502 units for more than $73M, with expected closings in March and April. The properties are Waterstone at Brier Creek, a 232-unit apartment in Raleigh, NC, and Waterstone at Big Creek, a 270-unit apartment in Alpharetta, Ga.
LEASING
The Town of Cutler Bay tapped Donna Abood, chairman of Colliers International South Florida, to lease the 75k SF Class-B office building it owns at 10720 Caribbean Blvd in Cutler Bay. Her colleagues Ericka Witkowski and Teresa Jarp will also be part of the effort to bring tenants to the asset. During her 30-year career, Abood has repped the landlords of well over 50M SF of office buildings in South Florida.
