The property management division of locally based Codina Group Inc. agreed to market a current portfolio of about 225,000 sf of mix-used retail-office space that Starwood Urban Investments owns in the Miracle Mile section of Coral Gables and the Lincoln Road section of Miami Beach.
The deal pairs an operating unit of what may be the largest real estate development and management company in Florida with the Washington-based affiliate of Starwood Capital--the Greenwich, CT company responsible for the formation of Starwood Hotel & Resorts Inc., the real estate investment trust.
Around the time he managed the roll out the REIT, Barry S. Sternlicht, Starwood Capital president and chief executive officer, also managed the formation of three separate joint ventures aimed at purchasing properties for redevelopment, including Starwood Urban Investments.
Sternlicht picked Robert S. Wennett, a veteran property-acquisition specialist, as president of Starwood Urban Investments. The former vice president of acquisitions at Federal Realty Investment Trust played a key role in building a multibillion portfolio for the Rockville, MD-based REIT.
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