The leases are in two of the three buildings on the 80-acre property located on Biscayne Bay. Among the tenants are a private school, a gourmet grocer, a medical rehabilitative center, Internet and computer-related companies and professional services firms. Construction has begun on the lobby areas, common corridors and new elevators.
In one signed deal, Gardner's Market, a gourmet grocery store with locations in Coconut Grove, South Miami and Pinecrest, FL, is taking 21,000 sf for 10 years. Gardner's plans to house its administrative offices and offer both tenants and the general public gourmet dining service at its new location. The company also plans to work with caterers and event planners to provide party, conference, wedding and other services in the dining rooms and on balconies overlooking Biscayne Bay.
Another done deal is South Dade Rehab Inc.'s lease to relocate its offices from South Dade County to 23,016 sf at Palmetto Bay Village Center. The space includes a 9,442-sf fitness center that will be open to the public. South Dade Rehab also has office space in a building complex it owns in Miami Lakes, FL.
Rents at the property range from $17 to $24 per sf, giving the two leases an estimated value of at least $4.7 million.
Overall, developer Scott Silver notes there is a high level of interest in the property. "It gives us great satisfaction that within a very short period of time, more than 40% of the total available space in Palmetto Bay Village Center is already spoken for," Silver says in a statement.
Miami investors Silver and Fredric Garvett, through their real estate investment company, Grouper Financial Inc., closed on their contract to buy the property for $18.5 million on Oct. 15. Coral Gables, FL-based Abood Wood-Fay Real Estate Group agents Pamela Smith and Mia Stierheim handle the leasing of the property, which consists of three buildings: one approximately 220,000 sf, one 51,000 sf and the other 34,000 sf.
Burger King occupied the facilities until 2002, when it downsized and moved its headquarters to a new site in the Miami airport area.
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