Posts By : South Florida City Biz List

CREC/Velocis Sign Intech as Anchor Tenant to One Clearlake Centre; Relocate Corporate HQ from CityPlace Tower

CREC – Florida’s leading, independent, full-service commercial real estate firm – today announced that it has signed Intech Investment Management LLC, a global investment management firm with approximately $50 billion under management, as the anchor tenant to One Clearlake Centre in West Palm Beach’s downtown core

Following its long-term tenancy at CityPlace Tower, Intech is relocating its corporate headquarters to the 221,079-square-foot One Clearlake Centre, which is jointly owned by CREC in partnership with private equity real estate manager Velocis. The deal includes Intech taking One Clearlake’s top two floors, totaling approximately 25,000 square feet, with building exterior signage. The firm is scheduled to occupy its new space September 1, 2019.

“Intech truly scrutinized all of their viable options and conducted an intense broad property sweep before they made the decision to select One Clearlake Centre as their new corporate headquarters,” said Carol Greenberg Brooks, president and co-founder of CREC, which also oversees leasing and management of the property. “Central factors that guided the company to relocate were cost efficiency, a best-in-class office opportunity, and proximity to a variety of easily-accessed transportation options for their employees.”

CREC and Velocis, which acquired the asset in July 2017, recently embarked on a multi-million-dollar, extensive capital improvement plan to dramatically transform the property that is anticipated to be completed by February 2019.

“It is encouraging to see that the investments we’re making at One Clearlake Centre are already resulting in major leasing activity,” said Mike Lewis, principal, Velocis. “As we continue to implement our repositioning strategy, we anticipate that leasing momentum will remain strong as tenants continue to flock to Downtown West Palm Beach.”

“After many years at CityPlace Tower, we made the decision to move to One Clearlake Centre based on the variety of unique property offerings, including ease of access for clients and employees to a variety of transportation outlets, and the high-level service given to tenants, which mirrors our brand,” said Justin Wright, chief operating officer and general counsel with Intech.

At the time of purchase, the 19-story office tower, located at 250 South Australian Avenue, was at 47 percent occupancy. Today, with the addition of Intech, the building is at 68 percent as demand for upgraded office space and high-level tenant services continues to climb. Significant improvements to the building include new lobby areas, corridors and bathrooms, a creative tenant lounge, conference center and gym, as well as the integration of CREC’s exclusive wellness program, “Deeper Breath.”

As one of the tallest buildings in the market, One Clearlake Centre affords tenants an ideal location in the West Palm Beach downtown area, with panoramic views of Clear Lake, the city skyline and Atlantic Ocean. The property offers easy access to and from Interstate 95, providing efficient ingress/egress, and is minutes from Clematis Street, CityPlace, and the area’s hottest restaurants, shopping and entertainment district. Additionally, transportation options are paramount, with TriRail and the newly-constructed Brightline station in close proximity. Built in 1986, One Clearlake Centre includes a 5-story, 662-space parking garage. The property is LEED Silver certified and EnergyStar rated.

 

About CREC

CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.

About Velocis

Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.

CREC Named To Exclusively Lease Aventura Corporate Center

Florida’s leading commercial real estate firm tapped to activate office campus with strong repositioning expertise and extensive Aventura office sub-market knowledge.

CREC – Florida’s leading, independent, full-service commercial real estate firm – has been selected as the exclusive leasing agent for Aventura Corporate Center, encompassing more than 252,244-square-feet of Class A office space, located at 20801, 20803, and 20807 Biscayne Boulevard, with open spaces that are responsive to the productivity needs and stylistic preferences of today’s mobile, creative workforce.

“We see CREC’s leasing ability as a win for our property, which is centrally located close to Aventura Mall, I-95, premier outdoor retail and dining destinations,” said Kenneth Fishel, owner of Renaissance Properties of New York. “Our investment in renovations to further the transformation of the office park, in combination with the appeal of building spaces to tenants who appreciate modern design and location, is a natural fit for an established leasing firm with expertise in the Aventura area.”

The leasing agreement includes two iconic five-story buildings and one six-story building on the 8.67-acre property, with tenants such as Morgan Stanley, Coconut Grove Bank, Coldwell Banker, Regus and Serendipity Labs.

Renaissance Properties of New York, owners of Aventura Corporate Center, have invested more than $5 million dollars in a modern renovation of the campus-like property, including green spaces, walking trails, electric car stations, lobby transformations, exterior and interior painting of buildings, a neoteric café, enclosed parking spaces, among other tenant amenities.

“CREC is excited to spearhead the leasing efforts for this one-of-a-kind office complex that offers both a campus environment and a fantastic Aventura location,” said CREC partner Steven Hurwitz.“We look forward to collaborating with ownership to leverage the significant capital investment, draw on the amenity-driven campus, and superior location.”

CREC partner Steven Hurwitz and senior vice president Douglas Okun will oversee leasing for the property, which includes targeting technology industries and professional services companies.

Aventura Corporate Center was acquired in 2016 by Renaissance Properties of New York, for $105.28 million, by investors Kenneth L. Fishel and Robert Fishel.

 

About CREC

CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.

 

About Renaissance Properties

Aventura Corporate Center is part of Renaissance Properties, a family-run New York based organization with primary holdings of more than one million square feet of commercial and residential luxury space throughout New York and Southern Florida. With deep expertise in identifying and redeveloping properties with untapped potential, Renaissance’s hands-on approach to all projects is paramount to its success. The company’s three-generation experience translates into over a half-century of industry knowledge since its founding in 1961.

 

CREC Named To Exclusively Lease Neighborhood Center Kendall Market Place
Florida’s leading commercial real estate firm engaged based on extensive expertise in Kendall retail sub-market

CREC – Florida’s leading, independent, full-service commercial real estate firm – announced today that it has been appointed the exclusive leasing agent for Kendall Market Place, a leading neighborhood retail property prominently situated at the intersection of Kendall Drive and 117th Avenue.

Kendall Market Place, at 11561 North Kendall Drive, is owned by El Tablon Investments, which tapped CREC to reposition the center utilizing its deep-rooted expertise in the retail sector and Kendall submarket. This includes engaging in a strategy to diversify the tenant mix and secure a targeted brand for the available anchor space.

“The CREC brand continues to flourish in Kendall’s retail sector due to our diverse real estate experience and deep understanding of how to curate a strong tenant base,” said CREC President and Co-Founder Carol Greenberg Brooks. “Kendall Market Place is a great addition to our robust portfolio, and we look forward to achieving our defined goals.”

The property, which encompasses 53,472-square-feet, offers 11,000-square-feet of prime anchor space directly on Kendall Drive, providing exceptional street exposure and signage opportunities. Ownership is undertaking renovation plans, including substantial investment in the façade to elevate the shopping center’s aesthetics.

“We engaged CREC to lead the leasing efforts for this property based on its thorough expertise with a wide range of retail assets located on Kendall Drive; their extensive knowledge will allow Kendall Market Place’s vision to become a reality,” added Francisco Javier Tagle Cox, Partner and CEO with Vista Capital Group, the asset manager.

Current tenants include Miller Ale House, Baptist Health, Sprint, Sushi Maki and Mercantil Bank. CREC Vice President of Retail Rafael Romero and Senior Leasing Association Katie Fernandez Espinosa will oversee leasing.

About CREC

CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.

CREC Selected To Exclusively Lease Newly-Redeveloped 120 Giralda Avenue In Downtown Coral Gables

CREC – Florida’s leading, independent, full-service commercial real estate firm – announced today that it has been appointed the exclusive leasing agent for the prominent retail and dining destination of 120 Giralda Avenue. Located in the epicenter of downtown Coral Gables, the property is ideally situated on the newly-renovated streetscape of Giralda Plaza.

Formerly occupied by the Church of Scientology, 120 Giralda Avenue will undergo a complete renovation that includes multi-story spaces and a new rooftop component, totaling 14,534 square feet. Unique to the Coral Gables sub-market, the elevated terrace can be transformed into a lounge area or similar concept. Its ground floor offers 3,000-11,000 square feet of retail space, with the hip, fast-casual eatery of Coyo Taco to be its newest tenant.

“We are excited to lead the leasing efforts for this important Coral Gables property that is contributing to area’s revival as a bustling retail destination,” said CREC President and Co-Founder Carol Greenberg Brooks. “With this addition to our diverse lifestyle retail portfolio, we continue our notable track record of positioning highly-sought retail locales in Florida with our creative approach to curating one-of-a-kind tenant line-ups.”

Giralda Plaza recently underwent a complete revitalization as part of Coral Gables’ multi-million-dollar streetscape project and was converted into a pedestrian-only promenade. The thoroughfare, between Ponce de Leon Boulevard and Galiano Street, is now the area’s “Restaurant Row” and home to established eateries as Talavera Cocinera Mexicana, Local Craft Food & Drink and Threefold Cafe.

“The major redevelopment of Coral Gables’ ‘hottest’ street and the allure of ‘restaurant row’ will quickly draw attention to this building from a wide range of tenants that appreciate the walkable experience that drives high foot traffic,” added Steven Henenfeld, senior vice president and director of leasing.

Henenfeld, along with CREC Vice President of Retail Rafael Romero, will oversee leasing of 120 Giralda Avenue.

About CREC

CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.

CPAC & Lubert Adler Complete Repositioning of Royal University Plaza Shopping Center in Coral Springs

Alan Esquenazi and Warren Weiser

37,000-square-foot Orchard Supply store set to open in November

Eighteen months after acquiring Royal University Plaza in Coral Springs, Florida, owner CPAC Royal University, LLC, a joint venture between principals of CREC and Lubert Adler, has finalized a dramatic repositioning that more than doubled occupancy, added 15,000 square feet of rentable retail space, and lured high-profile anchors including Orchard Supply and Total Wine & More to the neighborhood shopping center.

Located at 2556 North University Drive, Royal University Plaza was an underperforming asset when CPAC and Lubert Adler purchased the property for $26 million in February 2015. At the time, the center was 45 percent occupied and in need of significant capital improvements that would help attract major national brands to the center situated at the high-volume intersection of University Drive and Royal Palm Boulevard.

Central to the JV ownership group’s turnaround was enlisting CREC to undertake an aggressive retail leasing and marketing campaign and oversee a series of capital improvements, including a 15,000-square-foot expansion that opened the door to a new 37,000-square-foot Orchard Supply store set to open in November – one of the brand’s first locations in South Florida.

“As we began evaluating the neighborhood following last year’s acquisition, we quickly identified a lack of available boxes capable of attracting junior anchors,” says Alan Esquenazi, a partner at CREC. “By reconfiguring storefronts and adding additional space, we transformed Royal University Plaza into a top-performing asset in the Coral Springs neighborhood within a year-and-a-half.”

Today, the 115,000-square-foot Royal University Plaza is 94 percent leased and home to a tenant roster that includes Total Wine & More, Pet Supermarket, Jimmy John’s, Third Federal Bank, Hertz Rental Cars, Brooklyn Water Bagel Co., and AAA Auto Club.

“Royal University Plaza is a classic example of a retail asset that benefitted from a creative approach to leasing, marketing and construction management,” explains CPAC Principal Warren Weiser. “We identified an underperforming property in a submarket that was home to strong demographics and CREC executed a strategy that maximized asset value and elevated the center’s appeal among some of the country’s hottest retail brands.”

CREC Completes Office Leases Totaling 13,000 SF in Coral Gables, FL

Carol Brooks

Hemisphere Media Group expands its Coral Gables headquarters; Law firm Kopelowitz Ostrow Ferguson Weiselberg Gilbert opens its first permanent Miami-Dade County office.

The Coral Gables office market is getting an added boost thanks to the expansion of the only publicly-traded, pure-play US Hispanic tv/cable networks and content platform and a Broward law firm opening its first permanent office in Miami-Dade. Hemisphere Media Group, Inc. will relocate and expand its headquarters to 4000 Ponce de Leon Blvd., while new arrival Kopelowitz Ostrow Ferguson Weiselberg Gilbert will open its newest office at 2800 Ponce de Leon Boulevard. The two leases total a combined 13,000 square feet of Class A office space.

Carol Brooks, President of Coral Gables-based CREC, one of Florida’s largest commercial real estate services firms, represented Hemisphere and Kopelowitz Ostrow Ferguson Weiselberg Gilbert in the two transactions. William Holly of Patton Real Estate represented the owner of 4000 Ponce de Leon Blvd., CMC Group.

The leases come as new investment pours into the Coral Gables business district. A $21 million makeover of the neighborhood’s main retail thoroughfares, Miracle Mile and Giralda Avenue, is underway; more than 85 new restaurants have opened in the last five years; and over 1,500 residential units are expected to come online by 2020.

“The Gables is surging as new companies enter what has always been one of Miami’s most desirable submarkets and existing firms expand,” explains CREC President Carol Brooks, who advised both firms in their leases. “Our tenant representation team took the time to learn the needs of Hemisphere and Kopelowitz Ostrow Ferguson Weiselberg Gilbert, and then created a leasing strategy that will meet both firms’ current and future real estate requirements. The result will be new absorption for the Coral Gables office market.”

Hemisphere owns and operates five leading U.S. Hispanic cable networks, two Latin American cable networks, and the leading broadcast television network in Puerto Rico. The firm was located at 2000 Ponce de Leon Blvd., but recently decided to relocate to an 8,000-square-foot space with the goal of modernizing its space and establishing a defined headquarters that could accommodate its entire staff.

“As we have grown, we took on additional non-contiguous space and this move will put us all under one roof, so we can work more efficiently,” says Hemisphere President and CEO Alan J. Sokol. “After surveying the market with CREC, we concluded that 4000 Ponce was the right choice due to the building’s location and modern finishes. We couldn’t be happier with our new headquarters, and we’re thrilled that we’re remaining in Coral Gables.”

Kopelowitz Ostrow Ferguson Weiselberg Gilbert is a full-service South Florida law firm with approximately 45 lawyers that represent clients of all sizes, from entrepreneurs to large public companies. The firm’s main office is in Fort Lauderdale. The new Coral Gables location, which totals nearly 5,000 square feet, opens following the arrival last year of veteran Miami lawyer Bobby Gilbert, who is overseeing and expanding the firm’s complex litigation and class action practice.

“By opening our office in Coral Gables, we’ll be able to continue building our team and providing the full range of services to our clients and co-counsel across South Florida,” says Gilbert, who will manage the Coral Gables office.

About CREC

Founded in 1989 by Chairman Warren Weiser and President Carol Brooks, CREC (Continental Real Estate Companies) is one of Florida’s largest commercial real estate services firms, managing a portfolio of more than 100 office, retail and multifamily properties totaling 11.4 million square-feet. With offices throughout Florida, CREC specializes in asset and property management, leasing, tenant representation, construction management, development dispositions and finance, and creative workout solutions. For more information, visit  www.crec.com.

About Hemisphere Media Group, Inc.

Hemisphere Media Group, Inc. (NASDAQ:HMTV) is the only publicly traded pure-play U.S. media company targeting the high growth Spanish-language television and cable networks business in the U.S. and Latin America. Headquartered in Miami, Florida, Hemisphere owns and operates five leading U.S. Hispanic cable networks, two Latin American cable networks, and the leading broadcast television network in Puerto Rico. Hemisphere’s networks consist of: Cinelatino, the leading Spanish-language movie channel with over 16 million subscribers across the U.S., Latin America and Canada, including 4.5 million subscribers in the U.S. and 12.3 million subscribers in Latin America, featuring the largest selection of contemporary Spanish-language blockbusters and critically-acclaimed titles from Mexico, Latin America, Spain and the Caribbean; WAPA, Puerto Rico’s leading broadcast television network with the highest primetime and full day ratings in Puerto Rico. Founded in 1954, WAPA produces more than 75 hours per week of top-rated news and entertainment programming; WAPA America, the leading cable network targeting Puerto Ricans and other Caribbean Hispanics living in the U.S., featuring the highly-rated news and entertainment programming produced by WAPA. WAPA America is distributed in the U.S. to 5.2 million subscribers; Pasiones, dedicated to showcasing the most popular telenovelas and drama series, distributed in the U.S. and Latin America. Pasiones has 4.4 million subscribers in the U.S. and 10.6 million subscribers in Latin America; Centroamerica TV, the leading network targeting Central Americans living in the U.S., the third-largest U.S. Hispanic group, featuring the most popular news, entertainment and soccer programming from Central America. Centroamerica TV is distributed in the U.S. to 4.0 million subscribers; and Television Dominicana, the leading network targeting Dominicans living in the U.S., featuring the most popular news, entertainment and baseball programming from the Dominican Republic. Television Dominicana is distributed in the U.S. to 3.0 million subscribers. For more information, visit  www.hemispheretv.com.

CREC SVP Peter Mekras completes $17.125M bulk sale in Sunrise

Miami, Florida based CREC has finalized the $17.125 million bulk sale of 141 condominiums, near the intersection of North Flamingo Road and Sunrise Boulevard in Sunrise. CREC Senior Vice President Peter Mekras exclusively represented the seller…

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