Monthly Archives : January 2018

CREC to Lease Nearly 500,000 SF In Prominent South Florida Retail Centers



CRE-Sources | South Florida Commercial Real Estate News

CREC has been appointed the exclusive leasing agent for four prominent retail centers in thriving South Florida submarkets, totaling nearly 500,000 million square feet. The shopping centers are Greenery Mall in Kendall Drive; Pinecrest Town Center in the Village of Pinecrest; Palm Aire Marketplace in Pompano Beach; and Ridge Plaza in Davie.

“The addition of these retail centers to our portfolio is a direct result of landlords looking at our proven track record, the depth of our bench, and the dynamic approach we execute to lease centers throughout South Florida,” said CREC President and Co-Founder Carol Greenberg Brooks. “The power of our brand, inclusive of our high-level strategies and strong relationships, is what distinguishes us in the market.”

Greenery Mall is located at 7700 North Kendall Drive, one of Miami-Dade County’s primary retail corridors that is one block from Dadeland Mall, one of the nation’s top-grossing malls. The 129,514-square-foot retail center enjoys access to the Palmetto Expressway and other major thoroughfares, and is home to notable anchor tenants such as T.J.Maxx/HomeGoods, Starbucks, and Jo-Ann Fabrics, within a high-traffic area.

Pinecrest Town Center, at 12651 South Dixie Highway, is a 60,484 square-foot center located in one of South Florida’s highest-income neighborhoods of Pinecrest. It enjoys 305 feet of frontage along South Dixie Highway with substantial surface and rooftop parking. The tenant mix includes Chase Bank, Roasters ‘N Toasters, Edible Arrangements, and EWM Realtors International.

Palm Aire Marketplace, at 299 South Powerline Road, is an 140,312-square-foot retail center. It is located on the southwest corner of North Powerline Road and West Atlantic Blvd in a high-traffic intersection with easy access and visibility. The property is populated by a mix of national, regional and local tenants, and is anchored by Winn-Dixie.
Located at 8800 State Road 84, Ridge Plaza is an 155,204-square-foot retail center situated with excellent exposure to I-595/State Road 84. The center consists of a diverse group of retail, restaurant and entertainment and service tenants, including an 8-screen Paragon Theater.

“We successfully penetrate submarkets by collaborating with our extensive team to define opportunities and deliver tangible results, marketing each asset to satisfy the goals of our landlord clients throughout South Florida,” added Sabrina Stimming, senior vice president and director of leasing.

Doral’s Office Market Seeing ‘Unprecedented Rental Rate Growth’

Easily accessed by three major highways, the City of Doral has long been an ideal site for offices. In fact, the city says that 150,000 people per day come in just to work.

A residential boom over the past few years — the population rose by 26.1% from 2010 to 2016 — has also boosted the office sector. CREC Senior Vice President Doug Okun, who supervises leasing at Lennar Corporate Center, said there is a 91% occupancy rate in the city, and that space in a Class-A building can fetch $40/SF. “You’re looking at unprecedented rental rate growth in Doral,” Okun said. “Twelve to 18 months ago, deals were in the mid-$30s.” CBRE’s office market report from Q3 noted that tenants Sony Latin America, Caterpillar Latin America and Simply Healthcare all recently renewed or expanded leases for about 20K SF or more.  Okun said one of the things that offsets Doral is the parking ratio — three to five parking spaces per 1,000 SF of office space “at no additional cost,” he said — but Doral’s quick evolution as a live-work-play destination is also a factor. Codina Partners alone has built 5,000 housing units in Doral this decade, and a slew of other developers have followed, in turn triggering entertainment and retail. Per the mayor’s office, about 28% of the city’s population is Venezuelan, including exiles who have fled Nicolas Maduro’s regime.

“Five to seven years ago, to think that homes would sell for a million dollars out there would have been hard to believe,” Okun said. “Now there’s a more affluent demographic out there. Decision-makers live out there. It’s becoming a first-class city, 24/7. Along with that comes traffic, so they want to stay close to home.” Okun predicted that rents would stabilize this year, though, because many buildings have traded hands, and buyers who paid top dollar are now, in turn, pushing rents.  “Vacancy rates will come down,” Okun said. “Achieving that rental rate — in a lot of submarkets, some tenants feel pressure … They’re looking to move out, to sacrifice walkability, and go to the tertiary, suburban office market. I’m seeing more and more subleases. It seems that every week, I see more and more flyers from my broker friends handling subleases.” 

In the meantime, Doral Vice Mayor Ana Maria Rodriguez said that city officials are  focused on solving the traffic woes that have come with growth. Lately, she and her fellow commissioners have been focused on what they call “completing the grid”: connecting back roads to reduces pressure on the main arteries.  “We added seven or eight new streets in 2017 that were missing a little piece here and there,” she said.  She said that people are also making use of mass transit, so much so that a trolley system, which connects to the Metrorail, is at full capacity. “We have to add a new line every budget cycle,” she said.