MIAMI—Colliers International South Florida's Urban Core division hired a “real estate curator” to attract strategic tenants to Downtown Miami's high-street retail. Noa Figari, vice president of Urban Core Retail Leasing, will identify and attract businesses that are key to bringing to fruition a new vision for Downtown Miami, home to many historic buildings. The Urban Core division also expanded its team by bringing on board broker Sabrina Carapia, who will focus on investment sales in the Fort Lauderdale's urban core. Over the last two years, domestic and international investors have acquired more than a $1.7 billion worth of commercial real estate to reposition Downtown Miami as the next hottest neighborhood, says Mika Mattingly, who co-leads the Urban Core Division and represents Moishe Mana, one of the largest real estate investors in Downtown Miami.

DEAL TRACKER

FORT LAUDERDALE, FL—CBRE Group arranged a 180,000-square-foot lease renewal and expansion for Holland America Group, which includes Princess Cruises, Seabourn, and Holland America Line cruise brands, at the Port 95 Commerce Park in Fort Lauderdale. CBRE's Ryan Nunes, Allen Lindow, Michael Dash, and Owen Rice arranged the transaction that both retains and expands Holland America Group's presence in the Prologis-owned industrial development at 3659 SW 30th Avenue.

DORAL, FL—NAI Miami's team Lucia Custer and Gabriel Garcia-Menocal, along with Rick Medinis and Mark Miller from NAI Robert Lynn from Fort Worth, Texas, negotiated an industrial lease for Kintetsu World Express USA. The lease was executed at Beacon Centre 1825 Northwest 87th Avenue in Doral. State Street Realty's George Pino represented the landlord, Prologis. As a member of the large Japanese conglomerate, the Kintetsu group, Kintetsu World Express, has been a key player in the global transportation and freight forwarding industry since 1948.

MIAMI—Marcus & Millichap brokered the sale of Gardens of Miami Center, a 52,467-square foot retail property in Miami. The asset sold for $7,200,000. The seller, a local Miami investor, exclusively listed the property with specialists in Marcus & Millichap's Miami office, Jonathan Gerszberg, Drew Kristol, and Kirk Olson, all vice president Investments with the firm. The team, working closely with the on-site local broker, Otto Travieso of Real Capital Partners, to secure the buyer, a private investor from New York City. Located at 4840 Northwest 183rd Street in Miami, the two-story retail center spans 52,467 square feet. “The seller purchased the property out of foreclosure, half empty with most of the tenants not paying rent. They did a great job stabilizing the asset,” says Gerszberg. The retail center currently has national name tenants including Humana, Metro PCS, Check 'N Go, Bank of America and Dunkin Donuts.

MIAMI—NAI Miami's John Erixon negotiated a three year, 2,164 square foot office lease for Grove Forest Plaza located at 2937 Southwest 27th Avenue in Miami, Florida. Colfax Realty represented the tenant, DOO Corporation. Grove Forest Plaza is a 55,638 square foot office building located in Coconut Grove and within walking distance to US 1 and the Metrorail.

BUILDING BLOCKS

MIAMI—New York development company Helm Equities announced a partnership with 21c Museum Hotels that will bring the boutique hotel and contemporary art museum to HELM Miami, a mixed-use development project in Miami's Design District, the heart of Miami's art, fashion, and design communities. HELM Miami sits on two acres of land and was acquired by Ayal Horovits and David Escava of Helm Equities in 2014. HELM Miami is the largest undeveloped parcel in the Miami Design District, a neighborhood dedicated to innovative fashion, design, architecture and dining experiences. A hub of Miami's arts and culture, the Design District includes art galleries, the Institute of Contemporary Art Miami, the De La Cruz Collection Contemporary Art Space, Locust Projects, and other cultural centers. A team led by Newmark Grubb Knight Frank retail's executive managing director Thomas Citron and executive vice president Mitchell Friedel serve as the exclusive retail leasing consultants for HELM Miami. Paul Faver of JB Real Estate Investment Group advised Helm Equities on the transaction.

Lots of action early this week in Florida, despite the holiday hiccup. Downtown is still a major focus, with several bits of news emerging out of the urban core this week.

BY THE NUMBERS

For the past three years, performance in the hotel industry has reached all-time highs. Indicators such as RevPAR and occupancy growth skyrocketed, which also led to a dramatic influx in the expected supply of rooms in 2017. Rooms under construction will add 5.3% to the existing supply, and another 7.8% is expected to contribute to the supply within the next cycle. Another factor to consider is the increase in SBA loans. Aside from a slightly easier approval, these loans allow up to 90% loan to cost, and offer long term fixed rates. This accessibility to capital is making the hotel industry more enticing for investors, and ultimately adding to the supply. (Source: Marcus & Millichap's Kabani Group)

NEWS & NOTABLES

MIAMI—Colliers International South Florida's Urban Core division hired a “real estate curator” to attract strategic tenants to Downtown Miami's high-street retail. Noa Figari, vice president of Urban Core Retail Leasing, will identify and attract businesses that are key to bringing to fruition a new vision for Downtown Miami, home to many historic buildings. The Urban Core division also expanded its team by bringing on board broker Sabrina Carapia, who will focus on investment sales in the Fort Lauderdale's urban core. Over the last two years, domestic and international investors have acquired more than a $1.7 billion worth of commercial real estate to reposition Downtown Miami as the next hottest neighborhood, says Mika Mattingly, who co-leads the Urban Core Division and represents Moishe Mana, one of the largest real estate investors in Downtown Miami.

DEAL TRACKER

FORT LAUDERDALE, FL—CBRE Group arranged a 180,000-square-foot lease renewal and expansion for Holland America Group, which includes Princess Cruises, Seabourn, and Holland America Line cruise brands, at the Port 95 Commerce Park in Fort Lauderdale. CBRE's Ryan Nunes, Allen Lindow, Michael Dash, and Owen Rice arranged the transaction that both retains and expands Holland America Group's presence in the Prologis-owned industrial development at 3659 SW 30th Avenue.

DORAL, FL—NAI Miami's team Lucia Custer and Gabriel Garcia-Menocal, along with Rick Medinis and Mark Miller from NAI Robert Lynn from Fort Worth, Texas, negotiated an industrial lease for Kintetsu World Express USA. The lease was executed at Beacon Centre 1825 Northwest 87th Avenue in Doral. State Street Realty's George Pino represented the landlord, Prologis. As a member of the large Japanese conglomerate, the Kintetsu group, Kintetsu World Express, has been a key player in the global transportation and freight forwarding industry since 1948.

MIAMI—Marcus & Millichap brokered the sale of Gardens of Miami Center, a 52,467-square foot retail property in Miami. The asset sold for $7,200,000. The seller, a local Miami investor, exclusively listed the property with specialists in Marcus & Millichap's Miami office, Jonathan Gerszberg, Drew Kristol, and Kirk Olson, all vice president Investments with the firm. The team, working closely with the on-site local broker, Otto Travieso of Real Capital Partners, to secure the buyer, a private investor from New York City. Located at 4840 Northwest 183rd Street in Miami, the two-story retail center spans 52,467 square feet. “The seller purchased the property out of foreclosure, half empty with most of the tenants not paying rent. They did a great job stabilizing the asset,” says Gerszberg. The retail center currently has national name tenants including Humana, Metro PCS, Check 'N Go, Bank of America and Dunkin Donuts.

MIAMI—NAI Miami's John Erixon negotiated a three year, 2,164 square foot office lease for Grove Forest Plaza located at 2937 Southwest 27th Avenue in Miami, Florida. Colfax Realty represented the tenant, DOO Corporation. Grove Forest Plaza is a 55,638 square foot office building located in Coconut Grove and within walking distance to US 1 and the Metrorail.

BUILDING BLOCKS

MIAMI—New York development company Helm Equities announced a partnership with 21c Museum Hotels that will bring the boutique hotel and contemporary art museum to HELM Miami, a mixed-use development project in Miami's Design District, the heart of Miami's art, fashion, and design communities. HELM Miami sits on two acres of land and was acquired by Ayal Horovits and David Escava of Helm Equities in 2014. HELM Miami is the largest undeveloped parcel in the Miami Design District, a neighborhood dedicated to innovative fashion, design, architecture and dining experiences. A hub of Miami's arts and culture, the Design District includes art galleries, the Institute of Contemporary Art Miami, the De La Cruz Collection Contemporary Art Space, Locust Projects, and other cultural centers. A team led by Newmark Grubb Knight Frank retail's executive managing director Thomas Citron and executive vice president Mitchell Friedel serve as the exclusive retail leasing consultants for HELM Miami. Paul Faver of JB Real Estate Investment Group advised Helm Equities on the transaction.