Direct frontage on US-1. Centrally located in one of South Florida' s most dynamic communities, servicing the affluent communities of Pinecrest, Coral Gables, Kendall and South Miami. Tenants include: Baptist Health Urgent Care, The Gallery Lighting & Design, Maurice' s Jewelers, Peter Glenn, and Red Zone Fitness. Shadow tenants include: Whole Foods Market, Best Buy, and CVS Pharmacy.
Space Available 5,228 - 25,060 SFRental Rate Yr NegotiableSpaces 2Gross Leasable Area 57,600 SFProperty Sub-type Strip CenterStatus Active
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This portfolio package consists of 18 residential units. The units are centrally located in the Miami-Dade and Broward County areas. The portfolio is being sold collectively with a Transferable Mortgage debt: $3,175,125.00. This portfolio consist of 11 duplexes, 2 Fourplex, 2 triplex and 3 single family homes totally 45 units. The rental portfolio has 54% section 8 tenant occupancy at market value .The Portfolio presents investors the opportunity to invest into 19 properties with separate folios above average cash flow beginning on day one of purchasing. Most of all the properties have received numerous major capital improvements and are being delivered turn-key. Portfolio is currently running at a 91% Occupancy with the ability to increase the rental income on the some of the properties to market rents.
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Building Type: RetailSubType: Storefront Retail/OfficeClass: -RBA: 42,044 SFTypical Floor: 11,064 SFStories: 3Building Status: Under RenovationYear Built: 1935% Leased: 20.0%Owner Occupied: NoOwner Type: Developer/Owner-NTLTenancy: Multiple TenantLand Area: 0.52 ACZoning: CD-3Parcel No: 02-3234-002-0320Parking: 5 Surface Spaces are availableRatio of 0.28/1,000 SF
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A New York landlord is learning the hard way that you shouldn’t mix business with pleasure after his former business partner and girlfriend filed a lawsuit against him seeking $500,000 for breaches of contract and restitution.
The suit, raised by Douglas Elliman agent Vesna Todorov out of Palm Beach, alleges that her ex-lover Michael Speiser kept her on the hook for years as he promised to leave his wife for her and used her to make real estate deals in South Florida.
Speiser and Todorov met in New York around May 2010, according to the suit, filed earlier this week in New York Supreme Court. The landlord and interior designer quickly hit it off and began dating, despite Spieser being married with children.
The two even began living together full-time in a Palm Beach apartment, while Speiser continually delayed his promises to divorce his wife. Todorov, who was not working at the time, became restless and wanted to start earning her own income, according to the suit.
Speiser proposed they begin investing in real estate together: Todorov would earn her Realtor’s license and identify properties for them to invest in, and Speiser would fund the transactions.
As part of the agreement, she was to get a commission from the purchase as well as a piece of whatever the property sold for when they flipped it, according to the suit, first reported by the New York Daily News.
With Tadorov as his broker, Speiser bought a $1.775 million unit at 350 South Ocean Boulevard in Palm Beach and a flashy $3.7 million unit at the Ritz-Carlton Residences in Miami.
The suit alleges that Speiser later pocketed part of Tadorov’s $37,800 commission for the Palm Beach unit and told her she wouldn’t get anything when the Ritz-Carlton unit was eventually sold.
On top of that, Speiser picked up a new broker girlfriend when Todorov left for a few weeks in 2014. He kicked her out of his properties and refused to return all of her belongings, the suit alleges.
Cafecitos, cigars and a chance to experience Cuban culture? These are some of the many facets of a trip to Havana. But being able to use a credit card instead of cash to pay for your trip? Priceless.
Pompano Beach-based Stonegate Bank (NASDAQ: SGBK) issued the first of its MasterCard credit cards for use in Cuba on Tuesday.
The South Florida bank was the first – and so far the only bank to launch a debit card for use by U.S. travelers in Cuba. The bank announced a partnership with MasterCard when it launched the debit cards last year.
That move followed Stonegate’s decision to become the first U.S. bank to establish a relationship with a Cuban bank.
Since President Barack Obama announced the intention to re-establish a relationship with Cuba, Stonegate has been actively increasing its banking ties to the island nation. At the request of the U.S. Department of State, Stonegate agreed to handle the banking for the Cuban government in the U.S., which encompass services such as travel visas and any dealings with embassies in Washington, D.C.
The issuance of a credit card has been a work-in-progress for the last nine months. To commemorate the occasion, Stonegate is offering a limited-edition card featuring a design by Cuban artist Michel Mirabal.
"Hopefully, more U.S. Banks will allow their customers to use their cards in Cuba, thus helping to alleviate the burden on travelers to the island," Stonegate President and CEO Dave Seleski said. "I am very excited to introduce these products which I believe will benefit our corporate clients and provide a meaningful diversified income stream to the bank."
In addition to personal credit cards, Stonegate announced plans to issue corporate, purchasing, payroll and prepaid cards within the next 30 days.
Debit and credit cards certainly allow increased flexibility when traveling in Cuba. However, Cuba and its businesses still need to establish infrastructure to accept debit and credit cards to process sales.
Stonegate is one of the largest South Florida-based banks, with $2.45 billion in assets.
Mary Jo Eaton has accepted a new position at CBRE, meaning the largest commercial real estate brokerage in Florida needs a new leader.
CBRE named Eaton president of Florida and Latin America operations in September 2015. She was previously executive managing director for CBRE in Florida.
Eaton is now listed on CBRE’s website as global president of asset services, with over 2.9 billion square feet of commercial property, and valuation and advisory services, with nearly 150,000 valuation assignments annually around the world.
CBRE spokesman Daniel Jimenez said Eaton will continue to lead Florida while the brokerage seeks a new president. CBRE announced the promotion in a corporate release in June.
On the Business Journal’ s list of top Commercial Real Estate Brokerages in South Florida, CBRE ranked No. 1 with $4.65 billion in sales and leases in 2014. It also ranked No. 1 on the Commercial Property Management Firms list with 18.2 million square feet under management in 2015.
CBRE has 18 offices and four affiliate offices in Florida, Latin America and the Caribbean.
Mednax Inc. continues its rapid growth with yet another purchase of a physician group.
The Sunrise-based company (NYSE: MD) on Monday announced the purchase of Pediatric Cardiology Associates in Fairfax, Virginia. The acquisition marks the physician services company's eighth acquisition of 2016.
Pediatric Cardiology Associates employs six physicians and four sonographers that provide services to 10 office-based locations and eight hospitals in Northern Virginia and Maryland, including Inova Fairfax Hospital, an 833-bed medical center.
“We chose to join Mednax because of the support and infrastructure that comes with being part of a national medical group," said Sharon Karr, M.D., who will serve as medical director for the practice, in a statement. "We are comfortable knowing we will have clinical autonomy but be relieved of some of the regulatory and reimbursement responsibilities that have become so complex in today’s healthcare environment."
Terms of the cash deal were not disclosed.
"In addition, Mednax’s research, education and quality initiatives will give us the opportunity to engage with other pediatric subspecialty groups and strengthen the continuum of care we offer to our patients," Karr added.
Pediatric Cardiology Associates was established in 1987 and was the first full-time pediatric cardiology practice in Northern Virginia. The practice provides inpatient and outpatient cardiovascular care including diagnosis and treatment of fetuses, infants and children, as well as adults with congenital heart disease.
Mednax's last acquisition was June 20, when the company announced the purchase of White Plains, New York-based Westchester Anesthesiologists.
Brom Inmobiliaro, a real estate company that got its start in Mexico, just closed its $13 million purchase of a Hallandale Beach development site being eyed for a new office tower.
County records show a Brom affiliate picked up four parcels along Southeast 10th Street and at 1010 South Federal Highway, which straddles the line between Aventura and Hallandale Beach.
The contiguous parcels total about 1.74 acres and include two vacant lots, a preschool, parking lot and a basketball court
The sellers are a pair of companies name I & A Miami LLC and Star Holdings Management, which list their managing members as Aharon Vaknin and Raphael Ammar, respectively. They paid a combined $4 million, or $52 per square foot, to assemble the parcels between 2005 and 2006.
Star and I & A filed an application with Hallandale Beach in January to build Optima Plaza North, a new 28-story office tower with 269,556 square feet of space, a ground-floor bank location and 1,013 parking spaces.
Directly to the south, Brom Inmobiliaro has already built Optima Plaza South, a long eight-story building with 346,161 square feet located at 21550 Biscayne Boulevard.
According to its website, Brom Inmobiliaro was founded in Mexico City in 1972 and has since expanded its reach to South Florida. The firm has developed 10 condominium projects in Mexico, and currently has 970,000 square feet of office space under management.
Optima Plaza South was its most recent project outside of Mexico.
Technology firms have doubled their South Florida footprint from 2013 to 2015, according to a new report released by CBRE.
The tech sector accounted for nearly 848,500 square feet in new office leases in 2015, an increase of more than 83 percent from 2014 and more than double the space leased in 2013.
Last year, 3-D software developer Magic Leap signed a lease for 259,737 square feet at the former Motorola Mobility headquarters. And the deal, which marks the biggest lease for the tech sector, is reportedly valued at $542 million.
Even without Magic Leap, office space absorbed by tech firms would have increased by 27 percent year-over-year and by 42 percent compared to 2013, according to the report.In July, Uber signed a lease for 9,333 square feet at Brickell City Tower for its new Miami headquarters.
Quinn Eddins, the report’s author and CBRE’s director of research and analysis, told The Real Deal that the region’s ability to attract a multilingual talent pool and the ability to code is a “powerful combination.” As tech companies in the U.S. chose South Florida over other cities, Latin American firms are targeting Miami as their home base.
“The biotech industry is one of the fastest growing in South America,” Eddins said.The biotech sector is leading growth in tech office leasing, Eddins said, citing an aging and growing population, which creates a growing demand for health care services. Firms leasing space include those that help connect patients with doctors and companies that create and manufacture medicines in South Florida.
Biotech companies absorbed 181,000 square feet of office space in 2015, an increase of nearly 12 times from the 15,400 square feet in 2013, according to the report. In 2013, biotech firms leased 1 percent of all office space across sectors; in 2015, it was 4 percent.
MDLive, a a Sunrise telehealth company in Sunrise, inked a $50 million in 2015. Electronic medical records software firm Modernizing Medicine is another example, making a $38 million investment in Boca Raton.
The proliferation of the shared workspace has also affected the tech footprint in South Florida. WeWork, for example, leased 40,000 square feet at 350 Lincoln Road. The co-working giant will also open in downtown Miami. Pipeline and Büro, other shared office companies, have also expanded in South Florida. Shared office spaces cater to startups and creative-oriented firms.
Airbnb, for example, is a member of Büro’s Midtown Miami outpost.A trend to watch is technology companies increasing the amount of space they sublet, as well as fewer new entrants to the market, Eddins said. Unless there’s a chilling in the U.S. tech industry, “I don’t think you’ll see a downsize in footprint,” he told TRD.
Source:The Real Deal
Life hasn’t changed much for Michael Comras since the Miami Beach-based commercial real estate developer, investor and broker closed the $370 million sale of an entire block on Lincoln Road to Spanish billionaire Amancio Ortega, whose fashion empire includes Zara.
Comras and his joint-venture partner Jonathan Fryd had assembled the properties 18 years ago for about $12 million, later redeveloping them and securing leases with tenants such as Apple, Nike, Gap, Intermix and Athleta. The September 2015 sale to Ortega ranked as Miami-Dade County’s biggest deal of the year.
The original offering for 1001-1035 Lincoln Road had drawn about 10 bids, including some from ultra-high-net-worth families, state pension funds, a Middle East sovereign wealth fund, a Canadian pension fund and U.S. investment advisers, said Manny de Zarraga, an executive managing director at HFF and the lead broker on the sale.
“There is no other property, definitely in South Florida, that has the drivers of pedestrian traffic, with all the hotels and residential areas anchoring the ends of Lincoln Road,” de Zarraga said of the buildings.
He cited Comras’ and Fryd’s patience in leasing and their “carefully curated approach” in bringing together a compatible group of tenants as key components in the sale.
“We created a world-class asset for one of the world’s wealthiest men,” Comras, the president and chief executive officer of the Comras Company, told The Real Deal in March, seated in his office in Miami Beach. The New York native recounted his efforts to find new tenants for the retail strip after Williams-Sonoma’s and Pottery Barn’s 15-year, lower-rate leases expired.
Yet, while the high-profile sale may have catapulted Comras to the highest ranks of South Florida’s commercial real estate market, it has done little to change his lifestyle.
“What am I going to do, buy a new shirt?” he asked, tugging on the collar of his navy blue striped button-down. “Buy a new pair of jeans?”
Pressed for changes, he called out to his executive assistant: “Vanessa, has anything in my life changed?” “No,” she answered.
In the months since the sale, Comras, 54, has managed to avoid purchasing a new car, a new home (three years ago he bought a waterfront house on the Venetian Islands of Miami Beach, where he lives with his longtime girlfriend) or even a vacation retreat. In fact, the real estate executive does not own a second home. Though he loves to travel, especially to Colorado, he prefers to stay “in a great hotel and be treated like a king,” he noted.
“Material things don’t matter to me,” he said. “I don’t have any needs or wants.”
He also continues to work just as many hours, in what he calls a “24-7 business.” Last May, the Comras Company partnered with Federal Realty Investment Trust and Grass River Property to purchase a majority interest in the retail complex CocoWalk for $87.5 million, and in late September, an 85 percent interest in the Shops at Sunset Place, in a $110 million deal. The investors are aiming to redevelop, re-merchandise and bring new life to the two tired shopping centers located in demographically key markets.
“CocoWalk and Sunset Place need to create an environment that gets people out of their homes to shop, eat and meet their lifestyle needs,” Comras said. “Otherwise, they will sit at home and order everything online.” He said he would like to bring plans to the market in the next several months for both projects.
With CocoWalk, Comras said he hopes to create a retail center that will fit and connect better with the community of Coconut Grove, which draws 6,000 students a day as well as the parents who drop them off and pick them up at school. The goal is to make the retail center function around the clock. “People like to see people,” he said. “If they don’t see people, they run away.”
Comras’ focus is squarely on urban retail, and he doesn’t do big box stores. His overarching aim is to “create a lifestyle and a sense of place with the right mix of tenants,” he said. That formula worked in Midtown Miami. After Comras brought in Sugarcane Raw Bar Grill, the corridor became a popular restaurant row.
Now he is bringing that philosophy to the edge of Midtown, where he is leasing the new development District 36, which Comras envisions as a connector between the Design District and Midtown. He is even working with the Miami Parking Authority to design new underpasses that would invite pedestrians by offering a glimpse of a restaurant as they exit.
“All I think about is creating places that people want to be,” he said.
As Miami becomes increasingly dense, the city is also becoming more localized, said Comras, who lives less than five minutes by car from his Sunset Harbour office (eight minutes if the bridge is up for a boat to pass).
“I live, work and play here. If I go dinner, I go to Sunset Harbour,” he said. “I love to be able to do that.” Comras added that he sees that need for a hyper-local commercial area in Coconut Grove, where residents can shop, eat and exercise.
Growing up on Long Island and later living in Manhattan, the seasoned real estate executive honed his sense of what works to create a neighborhood that attracts people for strolling, shopping and sitting down with a cappuccino at an outdoor cafe. “There are experiences that stay with you and you carry with you,” he noted.
Even when he is traveling, Comras said he is always looking at new retail concepts and analyzing how neighborhoods become ignited by shops and restaurants. “I’m like a kid in a candy store when I go to any city,” he said.
HFF’s de Zarraga, who has known Comras for 25 years — since he worked with Comras’ grandfather at Sonnenblick-Goldman in New York — cited the developer’s deep knowledge of the retail real estate market. “He has an exceptional grasp of what tenants want, and that is extremely helpful and helps create a lot of value,” de Zarraga said.
“There’s no ego. He’s a straightforward guy,” the commercial broker added. “It’s easy in this business for someone to have a problematic ego, and he doesn’t have one.”
Comras graduated from the University of Miami in 1983 and then worked in Manhattan for Williams Real Estate Company, a firm that focused on the commercial office and retail markets, for 10 years while earning his M.B.A. at Pace University. He moved back to Miami in 1993, when he was 31, following the birth of his first child — the eldest of three children from a former relationship — because he didn’t want to push a stroller around Manhattan. Though he didn’t have a job at the time, Comras said he knew he wanted a better lifestyle.
When he returned to Miami, he witnessed the popularity of the News Cafe on Ocean Drive in Miami Beach, but there were no national retailers in sight. “I saw all the beautiful people hanging out at the News Cafe, but at that point there were no contemporary national retailers on Miami Beach,” he said. “It was an obvious call to make: Wouldn’t it be great to put a Gap here?”
When he lived in Manhattan in the early ‘80s, he had noticed that wherever Gap opened, the area became hot. So he figured that if he could find a place for the Gap in South Beach and then buy additional buildings in the area, it would become valuable retail space.
Comras ended up bringing a Gap store to Collins Avenue and 7th Street in mid-1994 and eventually Diesel, Sephora, Club Monaco and other high-end retailers, leading to the development of the Collins Avenue Fashion District. “This business is all about connecting dots,” he said.
He also acquired 826 Collins Avenue and redeveloped it to house a Levi’s Store. He created a third-floor loft with a rooftop pool, where he lived for several years before buying his home.
Today, representing landlords and tenants is still the mainstay of the Comras Company’s work. He and his staff of 10 brokers, including, most recently, his girlfriend of more than a decade, jewelry designer Daniela Swaebe — handle leasing throughout Miami-Dade County. That includes projects in Wynwood, Midtown Miami, the Design District, Brickell, Coral Gables, Aventura and Doral — as well as in Broward and Palm Beach counties.
When it comes to retail, he is cognizant of the challenges posed by online shopping. “What we need to be mindful of is this online business and embracing it rather than being afraid of it, and to understand what it means to the consumer and offer them something they can’t get online — an experience,” he said.
Comras still spends about half his time acquiring and developing commercial property. Among his projects is redeveloping the former Gardner’s Market shopping center on South Dixie Highway in south Miami-Dade. His holdings also include properties in Wynwood, the Design District, Midtown Miami, MiMo, Coconut Grove and Miami Beach.
He still holds investments in property on Lincoln Road, including 744 Lincoln, primarily occupied by BCBG, and 701 Lincoln, leased to Forever 21 and a Peter Lik gallery. Comras has no plans to sell those assets, he said.
Yet not all his deals on Lincoln Road have panned out smoothly. In October 2012, he had a deal to buy 940 Lincoln and 947 Lincoln in partnership with the Cayre family of New York, including Robert Cayre and his uncle Harry Adjami. That attempted purchase has led to years of litigation that is still ongoing.
Nearby, Comras Company also represents Vornado Realty Trust, which owns the 1100 Lincoln Road building. Comras and his team of brokers are working on splitting up what is now Anthropologie’s space into four bays, to bring in new tenants when the store moves to a new building under development at 801 Lincoln Road.
Throughout Comras’ career, matching tenants with retail space has not always proven to be an easy proposition. He has grappled with issues related to merging contemporary retail with historic preservation in Miami Beach. “There’s a constant battle to reach a compromise, working together with the city to find a happy medium,” he said.
It took him several years to get the Apple lease deal approved. “I worked on three different buildings with Apple before I finally got the new location nailed down,” Comras said, noting that he had wrangled with the city of Miami Beach over the design of a building, “which nearly killed the deal,” and forced him to find a different site.
“Every deal has challenges,” Comras said. “It’s a matter of how you manage those challenges.”
Even some who have litigated against him say they respect him, like Miami Beach landowner Sam Herzberg, who began buying property along Lincoln Road in the late 1990s, about the same time as Comras.
The Comras Company sued Herzberg’s firm in 2000 over the payment of a $65,000 commission for having secured Victoria’s Secret at 901 Lincoln Road, according to the complaint. But they settled the lawsuit “amicably” after a couple of years, said Herzberg, who owns the Sterling Building at 927 Lincoln as well as 901 Lincoln. “It hasn’t made any dent in our relationship,” he said. “We are still very, very, friendly.”
Even now, Comras continues to handle Herzberg’s leasing. “He is a great asset in the sense that he has contacts with all these big national retailers,” Herzberg noted, adding that Comras also has a knack for “fitting the right tenant in the right location.”
“Michael is a very bright, hard-working individual, and he deserves all the success he has,” Herzberg said.
Source: The Real Deal