Middle Market Digest: Early This Week in Florida

Early this week in Florida, saw some big news coming out of Coral Gables and Fort Lauderdale as commercial real estate industry players keep moving and shaking.

BY THE NUMBERS

Net absorption of medical office space jumped to 100,190 square feet in the first quarter of 2017, a significant increase over the same period in 2016. This absorption will hold steady over the next 12 months. (Source: Cushman & Wakefield)

NEWS & NOTABLES

MIAMI—ONE Sotheby's International Realty hired sales agent Osmany Garcia, who brings with him more than 18 years of real estate experience in South Florida. As a certified luxury home marketing specialist, Garcia will focus on selling luxury residential real estate in both Miami-Dade and Broward counties. Prior to joining ONE SIR, Garcia brokered luxury real estate deals for Keller Williams Realty and was recognized as part of the brokerage firm's top %. From April 2016 to April 2017, Garcia sold a total of $19.9 million in real estate inventory.

DEAL TRACKER

CORAL GABLES, FL—CPAC Royal University,  a joint venture between CREC and Lubert Adler, completed the sale of Royal University Plaza for $48 million. The transaction is the second-largest shopping center sale in Broward County, to date, this year, with the partnership achieving almost double its original acquisition price of $26 million just over two years ago. Upon purchase of Royal University Plaza in February 2015, the partnership executed its vision to transform the underperforming property into an institutional-quality asset. The joint venture engaged in a series of capital improvements and a multi-dimensional real estate strategy to significantly reposition the shopping center. The reposition included leasing 25,000 square feet to Total Wine & More and 37,000-square-foot Orchard Supply Hardware, by reconfiguring shop space and adding an additional 15,000 square feet to the Property. This was one of Orchard Supply Hardware's first location in Florida.

JACKSONVILLE, FL—Franklin Street's North Florida office has been retained by Ramco-Gershenson Properties Trust to be the exclusive leasing broker for River City Marketplace on the City's Northside. The center, anchored by Regal Cinemas, Lowe's, Wal-Mart Supercenter, Ross Dress for Less, Michaels, Bed Bath & Beyond, and Best Buy is North Florida's second-largest shopping center as measured by leased area. Strategically located at the first major commercial exit on Interstate 95, it is a community center for travelers and commuters from Nassau County and southern Georgia.

NORTH MIAMI BEACH, FL—Tiktin Real Estate Investment Services has been named the exclusive sales agent for Coconut Grove Office, a two-story 8,597 square-foot office building at 2340 South Dixie Highway in Miami. Adam J. Tiktin, president of TREIS, is heading the assignment on behalf of ownership, and has listed the building for $2.7 million. The property sits on a 7,500-square-foot lot with 8,597 gross leasable square feet and 5,050 rentable square feet. The building is 100% leased by an owner user occupying the entire space. The interior has been completely built out with private offices and support staff areas. The property also includes 18 covered parking spaces onsite.

FORT LAUDERDALE, FL—A joint venture of Rockefeller Group and Stiles has sold Amaray Las Olas, a new 30-story luxury apartment tower in Downtown Fort Lauderdale. Rockefeller and Stiles completed the new development in 2016, after which the building achieved full occupancy in record time for Fort Lauderdale. Amaray is located at 215 Southeast 8th Avenue, one block from the highly-coveted Las Olas Boulevard, Fort Lauderdale's premier downtown dining and shopping corridor.

BUILDING BLOCKS

MIAMI—East End Capital released renderings which offer a first look at the expansive renovations for the iconic Downtown Miami office building formerly known as New World Tower. In conjunction with the upgrades, the building is being rebranded 100 Biscayne. The firm will invest more than $10 million to reposition the 30-story tower, which boasts views from all floors across Bayfront Park all the way to Miami Beach and beyond. Zyscovich Architects, already a tenant at 100 Biscayne, is designing the new lobby and facade. MKDA is managing interior space planning for the common areas and newly created office spaces. Leasing at 100 Biscayne is managed by Gordon Messinger at Cushman & Wakefield.

Early this week in Florida, saw some big news coming out of Coral Gables and Fort Lauderdale as commercial real estate industry players keep moving and shaking.

BY THE NUMBERS

Net absorption of medical office space jumped to 100,190 square feet in the first quarter of 2017, a significant increase over the same period in 2016. This absorption will hold steady over the next 12 months. (Source: Cushman & Wakefield)

NEWS & NOTABLES

MIAMI—ONE Sotheby's International Realty hired sales agent Osmany Garcia, who brings with him more than 18 years of real estate experience in South Florida. As a certified luxury home marketing specialist, Garcia will focus on selling luxury residential real estate in both Miami-Dade and Broward counties. Prior to joining ONE SIR, Garcia brokered luxury real estate deals for Keller Williams Realty and was recognized as part of the brokerage firm's top %. From April 2016 to April 2017, Garcia sold a total of $19.9 million in real estate inventory.

DEAL TRACKER

CORAL GABLES, FL—CPAC Royal University,  a joint venture between CREC and Lubert Adler, completed the sale of Royal University Plaza for $48 million. The transaction is the second-largest shopping center sale in Broward County, to date, this year, with the partnership achieving almost double its original acquisition price of $26 million just over two years ago. Upon purchase of Royal University Plaza in February 2015, the partnership executed its vision to transform the underperforming property into an institutional-quality asset. The joint venture engaged in a series of capital improvements and a multi-dimensional real estate strategy to significantly reposition the shopping center. The reposition included leasing 25,000 square feet to Total Wine & More and 37,000-square-foot Orchard Supply Hardware, by reconfiguring shop space and adding an additional 15,000 square feet to the Property. This was one of Orchard Supply Hardware's first location in Florida.

JACKSONVILLE, FL—Franklin Street's North Florida office has been retained by Ramco-Gershenson Properties Trust to be the exclusive leasing broker for River City Marketplace on the City's Northside. The center, anchored by Regal Cinemas, Lowe's, Wal-Mart Supercenter, Ross Dress for Less, Michaels, Bed Bath & Beyond, and Best Buy is North Florida's second-largest shopping center as measured by leased area. Strategically located at the first major commercial exit on Interstate 95, it is a community center for travelers and commuters from Nassau County and southern Georgia.

NORTH MIAMI BEACH, FL—Tiktin Real Estate Investment Services has been named the exclusive sales agent for Coconut Grove Office, a two-story 8,597 square-foot office building at 2340 South Dixie Highway in Miami. Adam J. Tiktin, president of TREIS, is heading the assignment on behalf of ownership, and has listed the building for $2.7 million. The property sits on a 7,500-square-foot lot with 8,597 gross leasable square feet and 5,050 rentable square feet. The building is 100% leased by an owner user occupying the entire space. The interior has been completely built out with private offices and support staff areas. The property also includes 18 covered parking spaces onsite.

FORT LAUDERDALE, FL—A joint venture of Rockefeller Group and Stiles has sold Amaray Las Olas, a new 30-story luxury apartment tower in Downtown Fort Lauderdale. Rockefeller and Stiles completed the new development in 2016, after which the building achieved full occupancy in record time for Fort Lauderdale. Amaray is located at 215 Southeast 8th Avenue, one block from the highly-coveted Las Olas Boulevard, Fort Lauderdale's premier downtown dining and shopping corridor.

BUILDING BLOCKS

MIAMI—East End Capital released renderings which offer a first look at the expansive renovations for the iconic Downtown Miami office building formerly known as New World Tower. In conjunction with the upgrades, the building is being rebranded 100 Biscayne. The firm will invest more than $10 million to reposition the 30-story tower, which boasts views from all floors across Bayfront Park all the way to Miami Beach and beyond. Zyscovich Architects, already a tenant at 100 Biscayne, is designing the new lobby and facade. MKDA is managing interior space planning for the common areas and newly created office spaces. Leasing at 100 Biscayne is managed by Gordon Messinger at Cushman & Wakefield.