The Deal Sheet
Green is unofficially mandatory these days (so stop complaining that it doesn't go with your eyes), with office tenants looking as a matter of SOP for space in buildings with strong sustainability programs or LEED designations, Taylor & Mathis of Florida senior property manager Peter Romero tells us, often to support their own corporate green initiatives.
“That’s why we incorporated an aggressive single-stream recycling program at our buildings,” Peter says (on the left, with a TOBY). That makes it easy for tenants to comply with their particular company’s green initiatives and culture. Also installed: an Energy Star-rated white roof that significantly reduce heat loads. (Does that mean they always win at hot potato?) Adding this kind of value to buildings makes them much more attractive to today’s socially conscientious tenant, he says.
Recently 6100 & 6303 Waterford, a pair of properties that Taylor & Mathis leases and manages on behalf of owner MetLife, were named Suburban Office Park–Low Rise Buildings of the Year by BOMA's Southern Regional TOBY Awards. The four-story office buildings won the local Miami-Dade chapter award earlier this year and will compete for the international award this June in Orlando. The property is located in Miami’s Waterford at Blue Lagoon office park, a 250-acre master-planned business park near MIA.
SALES
Designer Tommy Hilfiger, through a company specially formed for the deal (the Raleigh Group), acquired the Raleigh Hotel in Miami Beach. David Pisor has been named CEO of the Raleigh Group, and the hotel, formerly owned by David Edelstein and Sam Nazarian, will continue to be managed by the Entertainment Group. According to David, the new company will invest “significant resources” in the property, but it will maintain its 1940s style (as in this vintage postcard).
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Illinois-based Inland Real Estate Income Trust acquired the 64k SF North Hills Square Shopping Center in Coral Springs for $11M. IREIT Business Manager & Advisor’s Lou Quilici and Inland Real Estate Acquisitions’ Matthew Tice facilitated the purchase. The center is anchored by a Walmart Neighborhood Market, and other tenants include Wendy’s and Manhattan Bagel. It's 98% occupied.
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RBC Acquisitions Group acquired 3170 Coral Way in Miami, a 1.3-acre site also known as Blue on Coral Way, for $4M at a bankruptcy auction. The site is zoned for multiple uses, including hospitality, office and retail development, as well as multifamily development up to 67 units per acre. There were five qualified prospective buyers bidding for the site. RBC plans to develop the property in the near future. Colliers International South Florida’s John Crotty and Michael Fay repped the seller, Beacon Trustee and Brickell Trustee, in the sale.
LEASING
Centene Management Co leased more than 42k SF at Sawgrass Plaza, bringing the 61k SF office building to 100% occupancy. The healthcare company will occupy two floors of the three-story building. Taylor & Mathis’ Donna Korn and Jennifer Gemma repped the owner, the Brookdale Group, while Robert Listokin of Colliers International and Scott Bazoian of Cassidy Turley repped the tenant. Sawgrass Plaza is located within Sawgrass International Corporate Park.
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Mazi Stone, a wholesalers of granite slabs for commercial and residential use, leased 10k SF of warehousing, manufacturing, and showroom space at 1551 N Powerline Rd, which is part of Superior Commerce Park in Pompano Beach. NAI Rauch Weaver Norfleet Kurtz & Co’s Michael Scarpino and Jennifer Scarpino repped the landlord. In a separate lease at 1541 North Powerline Rd, the two repped the landlord in leasing almost 15k SF to Capital Scrap Metal.
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Southeast Food Distribution, a distributor of dry, frozen, and refrigerated food in the Southeast, has moved its corporate HQ from Miami Gardens to the Miramar Park of Commerce. The square footage was unspecified, but with the move, the company will house all corporate functions under one roof. Sunbeam Properties Bell Goggins and Ryan Goggins, along with JLL’s Jonathan Kingsley, repped the landlord in the deal. The Katsikos Group’s Lee Katisikos, along with Michael Sigerman, repped the tenant.
DEVELOPMENT
13th Floor Investments and the Adler Group have acquired rights to develop a parcel adjacent to the Dadeland North Metrorail station and Dadeland Station retail complex. Terms of the transaction weren't disclosed. The JV acquired the development rights from Green Cos, which had entered into a ground lease with Miami-Dade County. Development plans call for a multifamily building, with architectural designs for the project currently underway.
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Affordable Housing Finance magazine recognized Atlantic/Pacific Communities as one of the top 10 affordable housing developers in 2013—no 3. Over 100 developers and owners with general-partner interests participated in the survey. A/P Communities has procured over $1B in housing tax credits and completed 80 developments totaling more than 9,000 units across the Southeastern United States.
PROPERTY MANAGEMENT
KW Property Management & Consulting has been tapped to provide property management and accounting services for two multifamily properties in South Florida, the 624-unit Arlen House East in Sunny Isles Beach, and the 341-unit Venetia Condominiums (pictured). The latter dates from 1980, and was one of the first condo developments in the Midtown Arts District. The company was also recently selected to manage the Loft II Downtown in Miami (496 units) and Terrazas River Parks, a 324-unit property on the Miami River.
EXPANSION
Realty Masters has opened its third Florida office in Coral Gables, at 1000 Ponce de Leon Blvd, The office will be led by Craig Werley, who recently joined the firm from Focus Real Estate Advisors, which he founded in 2006. Samuel Soriero will also be based in the new office, directing the firm's nonperforming loan acquisitions and investment sales activities. The company plans additional hires. RM has done about $500M in deals in Florida the last four years.
