Posts Tagged : Leasing

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 Assigned To Lease 3 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.

Kopelowitz Ostrow Opens Gables Office

A Fort Lauderdale law firm has chosen Coral Gables for its first permanent Miami-Dade office.

Kopelowitz Ostrow Ferguson Weiselberg Gilbert signed a 5,000-square-foot lease at 2800 Ponce de Leon Blvd., a Class A office building anchored by Regions Bank. The firm will join others operating in the 28-story Regions Bank Tower, including Wicker Smith O’Hara McCoy & Ford and Breier Seif Silverman & Schermer.

The new location will be managed by veteran Miami lawyer Robert “Bobby” Gilbert, who became a name partner after joining the firm last fall. Gilbert left Grossman Roth to oversee and expand Kopelowitz Ostrow’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,” he said in a statement.

The office will be home to eight of the firm’s 45 or so attorneys come August.

Carol Brooks, president of Coral Gables-based CREC, represented the firm in the lease transaction. No other details were released.

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.

20 Sports Authority Stores Up for Grabs in South Florida
Carla Vianna | Daily Business Review

About 20 locations from Miami to Jupiter will be up for grabs once the debt-laden sporting goods retailer closes its doors in bankruptcy. Averaging 40,000 square feet, the large stores threaten to inflate the market by nearly 1 million square feet when big-box retailers are physically downsizing.

A dwindling market for department stores makes finding a tenant for extra-large spaces more difficult than releasing boutique-size shops catering to lifestyle brands, said Gunster real estate attorney Brian Belt. The Miami shareholder said big-box stores sit on the market longer, which could hurt smaller tenants nearby that counted on the foot traffic generated by their bigger neighbor.

If landlords fail to attract a sizable retailer, the large spaces may be retooled into gyms or other uses that “don’t generate as much income,” Belt said.

When Sports Authority shuts its doors, hundreds of stores across the U.S. may go dark — and stay dark.

South Florida, however, is somewhat immune to the “retail apocalypse,” said Alan Esquenazi, a principal at CREC who has represented Sports Authority in the past.

Brokers are confident the retailer’s South Florida locations won’t sit vacant for long.

Esquenazi said Sports Authority “traditionally went for high-profile, great locations.”

These include the street-level store at the popular Shops at Midtown Miami and a spot at Dadeland Station in suburban Kendall. The bankrupt retailer also has a presence at Dolphin Mall and Sawgrass Mills.

Steven Henenfeld, CREC’s director of retail leasing, said the closings open prime sites for tenants looking to upgrade their position in the market and give landlords the opportunity to push up rents when a newcomer moves in.

“South Florida in general will fare better with respect to Sports Authority’s vacancies than a lot of other markets because our retail numbers are very, very strong,” Belt said.

Retail vacancies dropped to 3.2 percent in Miami-Dade County and 5.3 percent in Broward County during the first quarter, according to CBRE Inc.

A bankruptcy auction will be held June 29 for 320 of the chain’s 463 store leases, including 18 in South Florida totaling 715,000 square feet. New York-based A&G Realty Partners LLC will accept bids until June 23.

“After the June 29 date, we will have a better idea of what is going to be left available,” said CBRE senior vice president Paco Diaz.

Diaz said the top two contenders could be Dick’s Sporting Goods and Orchard Supply Hardware.

Lowe’s purchased Orchard Supply in 2013 and last year announced plans to add 40 stores, according to a retail report by Orlando-based Crossman & Co.

“Retailers at every end of the spectrum are reevaluating their footprints,” the report said. Healthy retailers are “exploring smaller stores to gain access to urban consumers where real estate costs can be prohibitive.”

While large department-store brands like Macy’s have struggled with underperforming assets — over the past five years the retailer closed 52 locations — discount retailers like Ross Stores Inc. boast healthy performances and could be viable contenders for Sports Authority’s defunct locations.

 

Coral Gables Sees Mega Deal; Largest of 2016

Coral Gables Sees Mega Deal; Largest Of 2016

MIAMI—The seller more than doubled its money in 11 years.

2121 Ponce includes a five-story, 586-space parking garage and street-level retail space.

MIAMI—It’s the largest commercial real estate transaction in Coral Gables, FL so far this year. A joint venture between Greenstreet Partners just sold the 2121 Ponce office building to a member company of Zurich North America for $57.5 million. Greenstreet acquired the building for 27.1 million in 2005.

Zurich Alternative Asset Management, Zurich’s alternative investment adviser, worked with the buyer on the deal. The sale of the 164,848 square-foot office building marks the latest sign of mounting demand for high-performing South Florida office properties among institutional investors around the world. CREC and CBRE brokered the deal.

“Coral Gables has long been one of South Florida’s most desirable submarkets, and that position will only grow as office users prioritize locations that are walkable and in close proximity to public transit options,” CREC principal Steven Hurwitz, who manages leasing at the building in tandem with CREC’s Doug Okun, tells GlobeSt.com. “2121 Ponce has emerged as one of the neighborhood’s best addresses over the past decade, particularly among companies in the market for space priced slightly below the rates at newer buildings nearby.”

CREC and Greenstreet acquired 2121 Ponce in 2015. Since then, the office asset has seen significant renovations of all common areas. A leasing and marketing program repositioned the building as a boutique, service-oriented option for Coral Gables office users. CREC has worked as the exclusive leasing agent and will continue managing the office asset for the new owner. The property is 95% occupied.

CREC’s Warren Weiser, Harry Blyden, and Andrew Remick co-brokered the sale of 2121 Ponce alongside CBRE’s Christian Lee, Jose Lobon, and Andrew Chilgren. Roy Rosenbaum, director of acquisitions, and Sean Bannon, managing director and head of US real estate, led the way for Zurich.

“Our experience at 2121 Ponce is an example of how a building’s value can be maximized by bringing a clear vision to life through creative leasing, construction, marketing and property management strategies,” says CREC chairman Weiser. “The investments we’ve made over the past decade have transformed the building into a core institutional-grade asset, leading to this sale. We expect similar acquisition activity in the coming months given high barriers to new development across South Florida.”

Located in the Coral Gables business district one block north of the “main and main” intersection of Ponce de Leon Boulevard and Alhambra Circle, 2121 Ponce includes a five-story, 586-space parking garage and street-level retail space. Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC call the office building home. POC restaurant is located on the building’s ground floor.

The office property’s setting in Coral Gables’ walkable downtown is also appealing to tenants as the $21 million makeover of two of the neighborhood’s main retail thoroughfares, Miracle Mile and Giralda Avenue, gets underway. The submarket is home to more than 150 multinational corporations, more than a dozen luxury hotels, a free public trolley system, and boutiques and restaurants. Eighty-five new eateries opening in the last five years. Meanwhile, more than 1,500 residential units are expected to come online over the next three years.

Swiss insurer makes landfall in Coral Gables with $58M investment pay

Swiss insurer makes landfall in Coral Gables with $58M investment play

Sellers more than doubled their money after 10 years of holding the property

June 06, 2016 03:45PM
By Sean Stewart-Muniz

2121 Ponce De Leon Boulevard

It looks like there’s still plenty of foreign investment to go around for Miami’s office market.

Zurich North America, an affiliate of a major Swiss insurance company, just closed on its $57.5 million purchase of the 2121 Ponce office tower in Coral Gables.

The deal was announced Monday by real estate companies Greenstreet Partners and CREC, which formed a joint-venture back in 2005 to buy the 13-story office building for $27.1 million.

Through the years, Greenstreet and CREC started renovating the common areas for 2121 Ponce, which was built in 1970. The companies brought the building up to 95 percent occupancy with an eclectic mix of tenants like the Consulate General of Barbados, Fox Latin America and Valley National Bank. CREC itself even took space in the building, and plans to stay even under the new ownership.

After roughly a decade of holding the property, Warren Weiser, chairman of CREC, told The Real Deal that the partners decided it was a good time to sell amidst a tightening office market.

“The asset performed pretty darn well even through the recession,” Weiser said. “It’s a very good market for both buyers and sellers right now.”

Weiser said the partners had an established relationship with Zurich, which keeps a U.S. office in New York. After touching base in February, the two parties “shook hands” in March and closed the deal last week.

“[Zurich] knows this market,” Weiser told TRD. “They made a very smart purchase because you can’t reproduce this building for the price they paid.”

The most recent sale of 2121 Ponce, which measures 164,848 square feet, breaks down to nearly $349 per foot. That’s more than double the $164 per foot that CRED and Greenstreet paid in 2005.

One explanation for that price explosion can be found in the latest market numbers from brokerage JLL. Although net absorption in Coral Gables was down by a fraction of a percentage point during the first quarter, there was no new office space under construction in the city at that time. Giralda Place has since broken ground with 58,000 square feet of offices. Meanwhile, office vacancies stood at 10.6 percent and rents were asking an average of $38.18 per square foot annually, according to JLL.

The deal was brokered by CREC’s Weiser, Harry Blyden and Andrew Remick, along with CBRE’s Christian Lee, Jose Lobon and Andrew Chilgren. On Zurich’s side, the firm was advised by its “alternative investment management” division. The Swiss insurance carrier has roughly 55,000 employees worldwide, and its North America division specializes in property-casualty coverage, according to its website.

It’s not unusual for insurance giants like Zurich to diversify into real estate: among U.S. firms, Prudential Financial boasts a thriving real estate arm that’s also bought into the Coral Gables office market.