Yearly Archives : 2017

Events company moves to top floor of South Beach office building

Events company moves to top floor of South Beach office building

INDUSTRIES & TAGS. Commercial Real Estate

By Emon Reiser – Digital Producer South Florida Business Journal 

GDS Publishing, an international events and technology services company, has relocated to the top floor of a 90,000-square-foot office building in Miami Beach.

The Bristol, United Kingdom-based company moved its South Florida branch to 10,000 square feet at 1688 Meridian Avenue. The firm will occupy the entire penthouse floor of the office space with more than 40 employees. Cushman & Wakefield Managing Director Gordon Messinger represented the property owner in lease negotiations and CREC’s Steven Hurwitz represented the tenant.

1688 Meridian Avenue is a 90,000-square-foot office building in Miami Beach.
PHOTO COURTESY CUSHMAN & WAKEFIELD

GDS relocated from 1691 Michigan Ave.

The company’s fellow tenants now include Regus, a major flexible workspace company; international modeling agency Next Model Management and international advertising agency J. Walter Thompson Worldwide.

Ivy Realty acquired 1688 Meridian Ave. and 1674 Meridian Ave. in July 2016. The office buildings total 120,000 square feet. The Connecticut-based company is planning improvements for both buildings including renovations to the lobbies, bathrooms and other common areas.

Long slog of Miracle Mile revamp alters business scene

WEEK OF THURSDAY, APRIL 13, 2017

A Singular Voice in an Evolving City.


COMMERCIAL & OFFICE SPACE


Long slog of Miracle Mile revamp alters business scene

By Catherine Lackner

The renovation of Miracle Mile and Gerald Avenue has been a long slog and, with completion set for January, it’s far from over. Stakeholders on the streets have experienced the construction differently.

“We’ve been very fortunate, but we are sensitive to the fact that others have had serious difficulties,” said Barbara Stein, executive producing director of the Actors’ Playhouse at the Miracle Theatre, 280 Miracle Mile.

“We’ve become somewhat of a destination, and people seem to be able to get to the theater on time,” she said. “People have a choice to see or not see the show, and we’ve had some good series.”

Parking is a challenge, she said, “but parking is always a challenge, and not just in Coral Gables, but everywhere. We’re hoping the return of valet service will help.”

On balance, Ms. Stein called the renovation “a little bit of pain for some gain.

“These are going to be amazing improvements, and we hope that the people we bring in will help generate opportunities for everyone,” she said. “We’re all working together for the prosperity of the community.”

An unintended consequence of the renovation forced Flowers & Services, formerly of 366 Miracle Mile, to leave the city.

“Due to the construction, the owner of our former location raised the rent from $4,000 to $11,000,” said Maria Budow, co-owner of the business. “We moved. Once the renovation is done, a restaurant can come in there and put tables on the sidewalks, which we couldn’t do.”

Flowers & Services moved to 6600 Coral Way. “It’s really nice and there’s plenty of parking,” Ms. Budow said. “We’re happy.”

Rent increases may be part of a trend, said Rafael Romero, Vice President of CREC, via email.

“While some retailers may not survive these challenging times, the long-term gains will deliver enhanced tenants and increased market vitality. With less than a 3% retail vacancy rate in Miami today, any vacancies will be absorbed quickly in this area.

“We expect landlords of existing retail buildings to upgrade infrastructure to meet the vision of the new streetscape, playing a significant role in the new retail aesthetic,” said Mr. Romero, whose office at 2121 Ponce de Leon Blvd. is two blocks from Giralda Avenue and four blocks from Miracle Mile. “Coral Gables will also need to work closely with the surrounding landlords to deliver a destination with a synergetic tenant mix.”

“This is a defining moment for downtown Coral Gables,” said Christopher Brown, co-developer of Giralda Place, a nine-story, 33-unit condominium project at 2222 Ponce de Leon Blvd., which will have 13,390 square feet of ground-floor retail and about 100,000 square feet of office space.

“We’re already seeing growing interest in Giralda Place due to the streetscape project taking shape across the street. While tenants have seen a dry sales period, there is real buzz surrounding the streetscape’s completion and resulting increase in foot traffic,” he said via email.

“The improvements will greatly benefit current retail tenants by helping to boost lost revenue from the heavy construction and providing them with a competitive advantage, as there are no other thoroughfares in the vicinity that share the same attributes.”

“We invite people to come experience the progress of the Miracle Mile streetscape as you stroll the south side of the 100 and 200 blocks of Miracle Mile [which house] the Miracle Theatre, Barnes & Noble and dozens of quality shops and eateries,” said Javier Betancourt, Coral Gables economic development director, via email.

“Hand-cut stone pavers – inspired by our beautiful South Florida skies – are being meticulously installed on ultra-wide sidewalks to create a captivating pedestrian experience for locals and visitors alike,” he said. “The first phase of this multimillion-dollar renaissance has successfully addressed long-standing drainage issues while installing high speed fiber, new shade trees, and specialty lighting. The drainage work is done and the magic is now taking shape.”

The first phase of the Giralda Plaza streetscape is taking shape, as well, he said. “To celebrate,

‘Parking is always a challenge, and not just in Coral Gables, but everywhere. We’re hoping the return of the valet service will help.’

Barbara Stein


‘While some retailers may not survive these challenging time, the long-term gains will deliver enhanced tenants and increased market vitality.’

Rafael Romero


many of the restaurants along ‘restaurant row,’ (the 100 block of Giralda Avenue) will operate impromptu outdoor cafes in the plaza each Saturday from breakfast to midnight.

“Entitled Giralda Alfresco, these Saturday experiences will allow us to get a taste of what’s to come, because it’s just too pretty now to wait until summer, when it’s officially complete,” Mr. Betancourt said.

The project – which was discussed for years before the first inch of pavement was broken – will create streets that are more walkable, vibrant and attractive, he said. Giralda Plaza is scheduled for completion by early summer, and seven of Miracle Mile’s eight blocks are scheduled for completion by November of this year (in time for the holiday season), with the last block slated for completion by January 2018.

“The city is sensitive to the hardships faced by merchants during this period of construction,” he said. Coral Gables has taken steps to support the merchants, including:

‘While tenants have seen a dry sales period, there is a real buzz surrounding the streetscape’s completion and resulting increase in foot traffic.’

Christopher Brown


‘The first phase of this multimillion-dollar renaissance has successfully addressed long-standing drainage issues while installing high speed fiber.’

Javier Betancourt


  • Working with the contractor to accelerate and expedite the work.
  • Attracting people to downtown through a variety of free events, such as Wellness Wednesdays, Jazz in the Gables, Movies on the Mile and Giralda Al Fresco.
  • Providing discounted or complementary parking for customers, including free parking vouchers and free valet vouchers for Giralda Avenue merchants.
  • Conducting a robust marketing and advertising campaign in publications and social media.
  • Installing more than 180 business continuity parking and wayfinding signs.
  • Waiving city permit fees and expediting permitting for facade improvements.
  • Providing flexibility with respect to certain code enforcement regulations.
  • Enhancing privately owned paseos at the city’s expense.
  • Providing rent abatement for retail tenants in city-owned properties.
CREC Tapped to Manage, Lease Miami Office Building

April 5th, 2017

CREC has been selected as the exclusive leasing agent and will be managing the office asset for Park Centre Boulevard in Miami Gardens.

The ‘Class A’ office building was acquired for $8.5 million in February by 1111 PCB Holdings, LLC.

Located at 1111 Park Centre Boulevard, the property offers 56,634 square feet of office space amidst four stories. The building is currently 92-percent occupied, with 5,162 square feet of rentable space available. CREC Senior Leasing Associates Katie Fernandez-Espinosa and Teri Jarp will oversee leasing.

“We are excited to be collaborating with the new ownership team for Park Centre Boulevard to bring this asset to full occupancy,” said CREC Co-founder and President Carol Brooks. “The property is currently home to a strong mix of professional tenants, including law offices, medical companies and government agencies, seeking convenient workspaces in proximity to major thoroughfares. The location, coupled with the building’s on-site amenities, will serve as a strong draw for our network.”

Park Centre is  situated west of the Golden Glades Interchange.

CREC Negotiates 88,000 SF Lease Renewal

CREC has completed a long-term, 88,000-square-foot lease renewal with Bayview Asset Management in Shops at Merrick Park Offices in Coral Gables.

The lease renewal will maintain the national mortgage investment firm’s corporate headquarters at 4425 Ponce De Leon Boulevard. Bayview Asset Management has occupied the space since the office building was delivered to the market in 2002.

CREC Partner Steven Hurwitz and Senior Vice President Douglas Okun represented GGP, owner and operator of Shops at Merrick Park Offices, while JLL Managing Director Matthew W. Cheezem represented the tenant, Bayview Asset Management.

“We were able to achieve terms for GGP to accommodate the tenant’s needs, which included ample on-site parking and facility improvements geared toward upgrading the tenant’s floors,” said Hurwitz. “We are pleased that Bayview Asset Management will remain in the building. This is a strong statement for both the project and the thriving Coral Gables submarket.”

Shops at Merrick Park Office is a Class A, five-story office building comprised of 126,019 square feet. The tower is situated immediately adjacent to the area’s high-end retail and dining destination, Shops at Merrick Park, which features anchor tenants Neiman Marcus and Nordstrom. It enjoys exposure to U.S. 1 and is within walking distance to Metrorail and the Coral Gables Trolley Station.

CREC Arranges $27.4 Million Sale of Turtle Crossing in Metro Fort Lauderdale

Coral Springs, Fla. — CREC has arranged the $27.4 million sale of Turtle Crossing, a 99,174-square-foot shopping center located roughly 20 miles northwest of Fort Lauderdale in Coral Springs.

The property is shadow-anchored by a 174,000-square-foot Super Target, and home to tenants including Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill.

Warren Weiser and Harry Blyden of CREC represented the seller, Turtle Run Venture LLC, in the transaction. There was no broker representation for the buyer, Turtle Crossing Coral Springs LLC, a joint venture between Ross Realty Investments and SunCap Real Estate Investments.

 

 

Pollo Tropical spreads its wings to new HQ near Miami airport

Pollo Tropical spreads its wings to new HQ near Miami airport

Fast-casual chicken restaurant group reduced its footprint from 17,000 sf to 10,000 sf
March 03, 2017 12:45PM
By Katherine Kallergis

Pollo Tropical office (Credit: Gigi Alvarez) Inset: CREC’s Carol Brooks and Glenn Rozansky, vice president of real estate for Pollo Tropical

After nearly 20 years spent in fragmented office space in Dadeland and a test kitchen in Doral, Pollo Tropical has moved into a newly built-out space near Miami International Airport. 

Pollo Tropical, a subsidiary of Fiesta Restaurant Group, is leasing a 10,000-square-foot building at 7255 Corporate Center Drive, Carol Brooks told The Real Deal. Brooks, president and co-founder of CREC, represented Pollo Tropical in the lease along with senior leasing associate Katie Fernandez-Espinosa. Diana Parker, CBRE senior vice president, represented the Landing at MIA.

The new regional headquarters for Pollo Tropical includes an open floor plan of offices and conference space surrounding a roughly 1,100-square-foot test kitchen. The company went from leasing about 17,000 square feet on noncontiguous floors in an older building in the Dadeland area, plus a test kitchen in Doral, to a smaller and centralized space.

“They had grown over decades into a space that was no longer efficient and it didn’t accommodate their culture. They wanted to consolidate offices, their training facility and test kitchen under one roof with ease of access, abundant onsite parking and onsite amenities,” Brooks told TRD. “Those requirements – the parking and test kitchen – were inherently limited and that pushed us geographically.”

The building is within the Landing at MIA office park, which recently underwent a $17 million renovation, according to a press release. Records show SPUS7 Miami ACC Land LP owns the 50-acre complex. The limited partnership, which is controlled by CBRE Global Investors principal Claudia Walraven, paid $129.25 million for the office community in 2014.

Brooks declined to provide terms of the lease, including rents, but said that in general rents are lower in the Dadeland submarket, and that it’s difficult to compare rent within the airport submarket because of the kitchen and training facilities.

The popular fast-casual chicken restaurant chain added skylights to the building as part of the extensive build-out. Gigi Alvarez of G. Alvarez Studio designed the new headquarters.

“It’s so cool. We really talked a lot about culture; food is what they do, so the kitchen now is exposed to the central work area. Everybody has a view,” she said.