Posts By : South FL Commercial Real Estate News

CREC Assigned To Lease Three Institutional Office Properties Totaling More Than 500,000 SF

CREC has been appointed to lead leasing at three office properties in South Florida’s key office markets of Brickell and Coral Gables.

The office buildings become the latest addition to CREC’s portfolio, which includes more than 100 properties totaling 13 million square feet across the state’s major markets. As the commercial real estate industry continues to consolidate amongst national firms, CREC remains Florida’s premier independent full-service commercial real estate firm, with offices in Miami, Fort Lauderdale and Orlando.

“We are thrilled with this new assignment, which comes on the heels of two other significant leasing and management contracts for institutional partners, highlighting CREC’s ability to continue to thrive and differentiate in a market otherwise defined by consolidation within the national brokerage houses,” said Carol Brooks, President of CREC.

Steven Hurwitz, Partner, Doug Okun, Senior Vice President, and Katie Fernandez-Espinosa, Senior Leasing Associate, will lead the office leasing efforts.

“Our institutional clients enjoy our full-service platform, local market expertise and track record to provide a holistic approach to real estate services,” CREC’s Steven Hurwitz said. “We have a uniquely collaborative team approach among disciplines, enabling us to provide institutional quality service in an entrepreneurial setting.”

The newest CREC assignments include:

800 Brickell Avenue: Located in Miami’s Brickell Financial District, CREC will lead the leasing efforts at the 15-story office tower 800 Brickell Avenue that has more than 212,000 square feet of office space and is home to tenants such as TotalBank, StateTrust, Prudential Insurance and Anheuser-Busch Companies.

The Alhambra: Situated in the heart of the Coral Gables Business District, CREC will oversee the leasing of The Alhambra office property located at 2 Alhambra Plaza. The building has 221,000 square feet of rentable office space and a tenant roster that includes Disney, Crystal Lagoons, Campbell Sales and Gresham, Smith and Partners.

The Alhambra West: Just a few blocks east, CREC will also handle the leasing at The Alhambra West, an office building totaling 91,000 square feet at 95 Merrick Way. The office property is home to tenants such as Northwestern University, Starbucks, US Department of State, and Pipeline Workspaces.

CREC Completes $17.5 Million Sale Of Multifamily Apartment Complex In Miami‐Dade County

Miami‐based CREC has finalized the $17.5 million sale of Regency Manor Apartments, a 148‐unit and 4.18 acre rental apartment complex near the intersection of LeJeune Road and the Dolphin Expressway (SR 836) in central Miami‐Dade County.

Regency Manor was built in 1969 and the sale price equates to $118,000 per unit, or $155 per foot.

CREC Senior Vice President Peter Mekras exclusively represented the seller in the transaction.

CREC ran a broad marketing process and received more than 30 offers from local, international and out of State investors during a competitive and structured bidding process. Mekras was assisted on the sale by CREC’s multifamily Transaction Analyst Chris Bate. The buyer was a private investor and was not represented by a broker.

“The sale of Regency Manor speaks to the market’s vast demand for stable cash flow generated from apartments. Miami’s vibrant economy will allow for continued rent growth as development sites remain scarce,” explains CREC’s Peter Mekras. “Apartment communities of scale in South Florida are primarily being acquired by institutions who recognize the discount to replacement cost and sustainable cash flow yield benefits for owning multifamily in a growing and high barrier to entry market like Miami.”

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