Mixed-Use Stories in South Florida

Colliers International sells Key Colony Plaza

Wednesday, July 21st, 2010

MIAMI - Colliers International South Florida has completed the sale of Key Colony Plaza, a 30,527sf mixed-use property at 200 Crandon Blvd., Key Biscayne. Senior Vice President Christian J. Johannsen, CCIM, represented the seller, Tesaurus Holdings Inc.

The Class A property consists of 12,000sf of retail, 12,000sf of office and 6,000sf of storage space. Lead tenants include Starbucks, Mount Sinai Medical and Asian Origins Bistro. The asset was 96% occupied at closing when it was sold to an undisclosed investor from Canada.

Parmenter announces distressed acquisition in Fund III

Wednesday, June 16th, 2010

MIAMI - Parmenter Realty Partners announced the acquisition of VHA Place in the Las Colinas submarket of Dallas. This acquisition represents the 10th investment acquired in Parmenter Realty Fund III, bringing the aggregate value of the fund's portfolio to approximately $600 million.

VHA Place is a 326,000sf Class A mixed-use asset. 256,000sf of the property is prime office space, which is 82% leased. VHA Place was acquired from one of the nation's leading financial services companies for less than $50 psf.

Fimiani marks $2M office, retail sale

Wednesday, May 19th, 2010

BOCA RATON - Fimiani Development announced the sale of the 777 Building, a two-story 22,688sf office and retail building at 777 S.E. 20 St. in Fort Lauderdale. 777 Holdings LLC sold the property for $2 million to 777 Offices LLC. Michael Fimiani, president of Fimiani Development, handled the transaction as part of a court-appointed receivership.

Midgard Group buys One Flagler

Friday, May 14th, 2010

FORT LAUDERDALE - Midgard Group announced the acquisition of One Flagler, a 14-story, 145,000sf mixed-use building at the corner of Flagler Street and NE First Avenue - adjacent to the Seybold Building. The landmark building was built in 1952 and designed by famed architect Morris Lapidus.

Midgard Management, the property management arm of Midgard Group, will assume management of the property.

M&M closes $1.2M vacant property sale

Wednesday, March 31st, 2010

MIAMI - Marcus & Millichap Real Estate Investment Services announced the sale of 13,268sf, vacant mixed-use property in Miami. The property commanded a sales price of $1.2 million, representing $90 psf and an estimated $40 psf in tenant renovations.

Vice President Investments Mark J. Wohl of the Miami office represented the seller of the property, a limited liability company from Miami Beach.

The property is at 2898 Biscayne Blvd. in Miami.

Plat filed for $325M Atlantic Plaza II

Thursday, February 4th, 2010

DELRAY BEACH - CDS International Holdings Inc. filed in December for plat approval for Atlantic Plaza II, which is expected to transform two blocks in the city of Delray Beach into a downtown mixed-use destination.

CDS anticipates summer approval for the new plat, which unifies several parcels the company assembled. The 8.5-acre site is at the corner of Atlantic Avenue and Federal Highway, next to the city’s Veteran’s Park along the Intracoastal Waterway.

HFF arranges sale of Lincoln Theatre

Friday, January 29th, 2010

MIAMI - The Miami office of Holliday Fenoglio Fowler LP arranged the sale of the historic Lincoln Theatre, a 38,000sf mixed-use property on Miami Beach’s famed Lincoln Road Mall.

HFF Executive Managing Director Manuel de Zarraga, Managing Director Danny Finkle and associate directors Luis Castillo and Jaret Turkell led the investment sales team on behalf of the seller, New World Symphony. A partnership led by Miami-based Savitar Realty Advisors purchased the property.

$325M Atlantic Plaza II to begin development

Friday, June 19th, 2009

DELRAY BEACH - With approvals in place, Atlantic Plaza II is poised to transform two city blocks here into a suburban downtown mixed-use destination, according to Bill Milmoe, president of CDS International Holdings Inc. Sitework for the initial phase of the $325 million project is set to begin this summer.

Suffolk Construction tops off Met 2 project

Thursday, May 28th, 2009

MIAMI - During an on-site “topping off” ceremony held May 22, Suffolk Construction announced it completed the shell structure of the Met 2 office and hotel building in downtown Miami.

Progress made at Old Spanish Village

Wednesday, February 4th, 2009

CORAL GABLES - Old Spanish Village, the $350 million New Urbanism development in Coral Gables, is progressing steadily. The exterior structure of the first building, part of Phase I of The Villas, is complete. Underground utilities and underground infrastructure are 90% complete. Construction of Phase I began in April 2008, and the first of seven buildings in this phase will be complete in April.

The Spanish-inspired grand archway, which serves as the village’s entry and symbolizes the realization of the vision of Coral Gables’ founder George Merrick, was inaugurated in January.