NEWS & NOTABLES

MIAMI—A recent Forbes article titled “Why are the World's Top Developers Risking Billions on the Miami River?” reports on the renaissance taking place along the banks of the once blighted Miami River. Forbes chronicles how the once gritty river, which flows through the heart of Downtown Miami, is undergoing a sea change thanks to a wave of development by prominent developers like KAR Properties, Swire, Related Companies and Chetrit and through the Miami River Commission's planning. A handful of the restaurants have opened along the way include Zuma, Wolfgang's, Cipriani, and Seaspice. Just across the River's bridge, a new Saks Fifth Avenue caters to luxury shoppers. The story spotlights One River Point developer Shahab Karmely and his bold bet on the Miami River. Karmely has invested over $150 million throughout Miami so far. Karmely is developing the exclusive pair of riverfront towers being designed by Rafael Viñoly, the celebrated architect behind the tallest building in the Western Hemisphere, 432 Park Avenue.

DEAL TRACKER

JACKSONVILLE—Avison Young completed a new 45,181-square-foot office lease with Ernst & Young in the Flagler Center business park in Jacksonville. EY is relocating its existing Jacksonville office and opening a client service delivery center within the following two spaces within Crocker Partners' business park: 15,759 square feet within Lakeside Two, a four-story, 112,306-square foot class A office building located at 12740 Gran Bay Parkway West and 29,422 square feet within Lakeside Five, a five-story, 142,000-square-foot class A office building located at 12926 Gran Bay Parkway West. Avison Young's Ross Carrier and Mark Montgomery, both senior vice presidents, spearheaded the transaction on behalf of the asset's ownership, Crocker Partners, one of the Jacksonville market's largest office space owners with 1.8 million square feet. CBRE's Glenn Dyke, executive vice president, and Oliver Barakat, senior vice president, represented the tenant.

RIVERIA BEACH, FL—Cushman & Wakefield negotiated the sale of a 52,922-square-foot metal panel industrial warehouse at 1500 Avenue R in Palm Beach County. Executive director Scott O'Donnell, senior associate Greg Miller and managing director Dominic Montazemi represented Boston-based The Realty Associates Fund VIII in the disposition. Palm Beach-based SL Avenue R acquired the asset for $3.2 million, or $60 per square foot). CushWake Capital Markets Team co-marketed the property with CBRE Executive vice president Robert Smith. “This asset offered investors substantial upside due to the below-market in-place rents,” said O'Donnell. “The tight Riviera Beach submarket, strategic infill location and improving market fundamentals will ultimately drive operating income growth when the existing leases expire.”

WEST PALM BEACH, FL—Cushman & Wakefield negotiated the sale of 1101 Northpoint Parkway, a 35,968-square-foot dock-high industrial building in Northpoint Commerce Park. Senior associate Greg Miller, executive director Scott O'Donnell and managing director Dominic Montazemi represented Boca Raton-based 1101 Associates in the disposition. New York-based Liberty Equities, acquired the asset for $3.6 million, or $100 per square foot. The Capital Markets Team co-marketed the property with CBRE's Robert Smith. “West Palm Beach continues to be one of the hottest industrial markets in the country due in part to the growing population and a robust economy,” says Miller. “Industrial properties that offer immediate access to Interstate 95 and multiple amenities are in high demand from area tenants.”

BOCA RATON, FL—G&C Sabre Investors, an affiliate of real estate investment group Grover Corlew, has refinanced Sabre Centre I in Boca Raton for $12.3 million through lender RAIT Partnership. Within the next year, G&C Sabre Investors plans to spend more than $250,000 in common area upgrades at Sabre Centre I, a 102,351-square-foot, six-story, class A office building located at 5901 Broken Sound Parkway within the Park at Broken Sound. The office building sits on six acres with golf course and lake views. Built in 1986, Sabre Centre I is just off Interstate 95 and Yamato Road within Palm Beach County's best-known business park. G&C Sabre Investors originally acquired Sabre Centre I for $14.5 million. The building is currently 77% leased with tenants from various industries such as financial services and sports nutrition.

BUILDING BLOCKS

OAKLAND PARK, FL—The newest residential development to go vertical in Oakland Park, Florida will address mounting demand for affordable housing in Broward County. Oakland Preserve, a collaboration between Building Better Communities and Pinnacle Housing Group, will comprise five buildings totaling 80 apartments intended for working families. The $17 million development is now under construction at 301 Northeast 36th Street, with completion expected in the fall of 2017. “South Florida is challenged to meet the housing needs of a younger and growing population,” says Ann Deibert of Building Better Communities. “Our housing model, evident in communities like Oakland Preserve, provides an opportunity for saving, which encourages household formation among working families.”

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Florida is ending the year with a bang. The Miami River is getting some much-deserved attention, even as the construction cycle slows. Jacksonville is seeing strong action at Flagler Center business park. Most are bullish about 2017. Check back at GlobeSt.com for more 2017 prediction stories in the days ahead.

BY THE NUMBERS

Orlando was named one of “The Best Cities for Jobs” by Forbes in 2016, based on its rapidly growing population and job opportunities since 2010. Ranking as the third best city, Orlando has seen a 4.6 % job increase within the last year. (Source: Forbes)

NEWS & NOTABLES

MIAMI—A recent Forbes article titled “Why are the World's Top Developers Risking Billions on the Miami River?” reports on the renaissance taking place along the banks of the once blighted Miami River. Forbes chronicles how the once gritty river, which flows through the heart of Downtown Miami, is undergoing a sea change thanks to a wave of development by prominent developers like KAR Properties, Swire, Related Companies and Chetrit and through the Miami River Commission's planning. A handful of the restaurants have opened along the way include Zuma, Wolfgang's, Cipriani, and Seaspice. Just across the River's bridge, a new Saks Fifth Avenue caters to luxury shoppers. The story spotlights One River Point developer Shahab Karmely and his bold bet on the Miami River. Karmely has invested over $150 million throughout Miami so far. Karmely is developing the exclusive pair of riverfront towers being designed by Rafael Viñoly, the celebrated architect behind the tallest building in the Western Hemisphere, 432 Park Avenue.

DEAL TRACKER

JACKSONVILLE—Avison Young completed a new 45,181-square-foot office lease with Ernst & Young in the Flagler Center business park in Jacksonville. EY is relocating its existing Jacksonville office and opening a client service delivery center within the following two spaces within Crocker Partners' business park: 15,759 square feet within Lakeside Two, a four-story, 112,306-square foot class A office building located at 12740 Gran Bay Parkway West and 29,422 square feet within Lakeside Five, a five-story, 142,000-square-foot class A office building located at 12926 Gran Bay Parkway West. Avison Young's Ross Carrier and Mark Montgomery, both senior vice presidents, spearheaded the transaction on behalf of the asset's ownership, Crocker Partners, one of the Jacksonville market's largest office space owners with 1.8 million square feet. CBRE's Glenn Dyke, executive vice president, and Oliver Barakat, senior vice president, represented the tenant.

RIVERIA BEACH, FL—Cushman & Wakefield negotiated the sale of a 52,922-square-foot metal panel industrial warehouse at 1500 Avenue R in Palm Beach County. Executive director Scott O'Donnell, senior associate Greg Miller and managing director Dominic Montazemi represented Boston-based The Realty Associates Fund VIII in the disposition. Palm Beach-based SL Avenue R acquired the asset for $3.2 million, or $60 per square foot). CushWake Capital Markets Team co-marketed the property with CBRE Executive vice president Robert Smith. “This asset offered investors substantial upside due to the below-market in-place rents,” said O'Donnell. “The tight Riviera Beach submarket, strategic infill location and improving market fundamentals will ultimately drive operating income growth when the existing leases expire.”

WEST PALM BEACH, FL—Cushman & Wakefield negotiated the sale of 1101 Northpoint Parkway, a 35,968-square-foot dock-high industrial building in Northpoint Commerce Park. Senior associate Greg Miller, executive director Scott O'Donnell and managing director Dominic Montazemi represented Boca Raton-based 1101 Associates in the disposition. New York-based Liberty Equities, acquired the asset for $3.6 million, or $100 per square foot. The Capital Markets Team co-marketed the property with CBRE's Robert Smith. “West Palm Beach continues to be one of the hottest industrial markets in the country due in part to the growing population and a robust economy,” says Miller. “Industrial properties that offer immediate access to Interstate 95 and multiple amenities are in high demand from area tenants.”

BOCA RATON, FL—G&C Sabre Investors, an affiliate of real estate investment group Grover Corlew, has refinanced Sabre Centre I in Boca Raton for $12.3 million through lender RAIT Partnership. Within the next year, G&C Sabre Investors plans to spend more than $250,000 in common area upgrades at Sabre Centre I, a 102,351-square-foot, six-story, class A office building located at 5901 Broken Sound Parkway within the Park at Broken Sound. The office building sits on six acres with golf course and lake views. Built in 1986, Sabre Centre I is just off Interstate 95 and Yamato Road within Palm Beach County's best-known business park. G&C Sabre Investors originally acquired Sabre Centre I for $14.5 million. The building is currently 77% leased with tenants from various industries such as financial services and sports nutrition.

BUILDING BLOCKS

OAKLAND PARK, FL—The newest residential development to go vertical in Oakland Park, Florida will address mounting demand for affordable housing in Broward County. Oakland Preserve, a collaboration between Building Better Communities and Pinnacle Housing Group, will comprise five buildings totaling 80 apartments intended for working families. The $17 million development is now under construction at 301 Northeast 36th Street, with completion expected in the fall of 2017. “South Florida is challenged to meet the housing needs of a younger and growing population,” says Ann Deibert of Building Better Communities. “Our housing model, evident in communities like Oakland Preserve, provides an opportunity for saving, which encourages household formation among working families.”