Miami Center Office Tower To Undergo $20M Renovations After Citigroup Renews 125,000 SF Lease

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The 34-story Miami Center office tower downtown is set to undergo $20 million in renovations after main tenant Citigroup renewed its lease.

Cushman & Wakefield’s Jon Blunk represented landlord Crocker Partners in the lease, while NGKF’s Patrick Duffy represented Citigroup.

MiamiCenter2The banking giant will continue to occupy 125,000 square feet at the building, at 201 S. Biscayne Blvd., and will add a retail branch there. Citibank had $3.1 billion in deposits in that office as of June 30, 2014, according to the Federal Deposit Insurance Corp. – its most in Miami-Dade County

Crocker Partners said the $20 million in renovations to Miami Center will include a makeover of the lobby and exterior plaza, a new entrance with a valet, and elevator modernization. The tower totals 786,267 square feet.

“Locking in a long-term lease at today’s rental rates is a wise move,” Crocker Partners’ Angelo Bianco said. “Tenant demand from both organic and new tenant growth is in its fourth consecutive year of expansion. Couple that fact with the limited amount of office development in the pipeline and we have a perfect storm on the 12-to-24-month horizon for a significant increase in rents.”

 

Source: SFBJ

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Retail Development Site In Miami’s Edgewater Sells For $64M

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A retail development site in Miami’s Edgewater neighborhood traded for $64 million, or $200 per square foot, to a well-known businessman.

The 7.35-acre site at the northwest corner of Northeast 17th Street and Northeast Second Ave. was previously approved as Bayview Market with 653,659 square feet of retail, a 2,047-square-foot gym/spa and 24 apartments. The seller obtained approval in 2009 but didn’t start construction.

EdgewaterMiamiBayviewMarketBDB Miami LLC and 110 Avon, a partnership between Atlanta-based BDB Realty and Redwood Capital Investments, sold the property to Rebuild Miami-Edgewater, which is headed by Richard Meruelo. The deal included $34 million of seller financing.

Meruelo was the co-founder and chairman of EVOQ Properties, which was sold in 2014 to Atlas Capital Group and Square Mile Capital Management. EVOQ was one of the largest property owners in downtown Los Angeles. He’s also part of the Cuban American Meruelo family, which has owned the Deauville Beach Resort in Miami Beach for many years.

The deal was brokered by CBRE’s Gerard Yetming, Robert Given, Zachary Sackley, Casey Rosen, Dennis Carson and Tim Gifford.

CBRE said the site could be zoned for up to 3 million square feet of development. Edgewater has a host of new condo towers rising along Biscayne Bay.

“BDB Miami is the perfect canvas for a visionary developer,” Yetming said in a news release. “Population growth for the one-mile radius around this site is forecast at nearly 10 percent over the next five years. With this acquisition, the buyer has an opportunity to capitalize on all of the new energy associated with Miami’s most transformative commercial real estate development projects.”

 

Source: SFBJ

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South Beach Retail Building Fetches $1,500 PSF

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An 8,300-square-foot building operating as a fashion store for Guess in Miami Beach has sold for $12.5 million, which equates to $1,499 per square foot.

Marcus & Millichap represented the seller, a Miami-based owner/developer. The buyer, also represented by Marcus & Millichap, is an institutional investment group interested in building a South Florida retail portfolio.

“The building is a trophy retail asset located in the heart of the Collins Avenue fashion district,” said Drew Kristol, VP of investments in Marcus & Millichap’s Miami office. “Guess has occupied the property since 1998, and over the years has re-invested into their build-out. The new owner is an excellent position to capitalize on the below market in-place rental structure.”

The two-story building, located at 736 Collins Ave. between Seventh and Eighth streets in Miami Beach, was extensively remodeled in 1998 and has received complete interior renovations from Guess within the last 18 months.

 

Source: SFBJ

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