Camilo Lopez and his TSG colleague Jorge Escobar

MIAMI—Diversified real estate investment, development and sales firm TSG has grown a portfolio of more than $400 million in assets since it launched in 2008. All this happened under the leadership of CEO Camilo Lopez.

TSG is behind projects like the boutique cassa brickell condominium development in Miami, which is scheduled for completion this summer, and the completed cassa Georgetown townhome community outside Fort Lauderdale. GlobeSt.com caught up with Lopez to get his insights into retail hot spots and emerging markets in South Florida in this exclusive interview.

GlobeSt.com: What are the retail hot pockets in South Florida?

Lopez: The hottest retail areas in South Florida are the Design District and Wynwood, where new stores are opening every day. There are also high-demand retail pockets in Miami's Bal Harbour and on Worth Avenue in Palm Beach.

We see retail rent rates escalating, breaking records at $250 per square foot in the Design District, while Worth Avenue has experienced a 20% growth year-over-year to $150 per square foot. Vacancy was at 3.5% in Miami-Dade and 5.6% in West Palm Beach in the second quarter of 2016.

GlobeSt.com: What about emerging retail markets to watch?

Lopez: The areas of Wynwood and key locations along the Miami River are in the midst of a significant transformation. Land prices have increased to an average of $306 per square foot in Wynwood and asking retail rents range from $45 to $80 per square foot. Wynwood is the sixth coolest street in the country, according to a new Cushman & Wakefield report.

It seems that soon the Miami Soccer Stadium will be a reality, which positions the Miami River and surrounding areas for significant growth. Several developers have recently closed deals in the area. A multifamily developer closed a 2.5-acre land for $11.5 million and another developer bought a 1.58-acre land for $14.25 million.

GlobeSt.com: What are the retail hot pockets in South Florida?

GlobeSt.com: What about emerging retail markets to watch?

Instant Insights /

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