Avison Young Oversees Sale Of $70 Million Transformco Distribution Center To Reich Brothers

Avison Young’s Florida Capital Markets Group has overseen the sale and closing of the Transformco Distribution Center, the largest single-building industrial asset in Florida spanning nearly 2 million SF, to Reich Brothers. The transaction closed for $70 million for the 1,937,892-square-foot Transformco Distribution Center, located at 655 SW 52nd Ave. in Ocala. With a sale-leaseback agreement, Transformco continues to occupy the property to operate its main distribution center for the entire Southeast U.S. region supporting Sears, Kmart, and Hometown stores. The transaction brings Avison Young’s Capital Markets Group’s investment sales closed in the past 60 days alone to more than $300 million

Avison Young Principal and Miami Managing Director Michael T. Fay; Principals Jay A. Ziv, CCIM, SIOR, ALC; John K. Crotty, CCIM; and David Duckworth; Vice President Brian C. de la Fé; Associate Berkley Bloodworth; and Associate Emily Brais negotiated the sale on behalf of Transform Holdco. The buyer was Reich Brothers, a national industrial real estate firm specializing in manufacturing and distribution facilities across the U.S.

“Industrial continues to be the hottest asset type for investment in Florida, with Ocala standing out due to its quick access to every major market in the state as well as Georgia, South Carolina, and Alabama,” said Fay. “The Distribution Center offered Reich Brothers the opportunity to acquire a substantial, in-demand, cash-flow property in Central Florida.”

Despite new construction, Central Florida’s distribution market maintains a vacancy rate in the low single-digits. In addition to Transformco, major distribution users in Ocala include ClosetMaid, Chewy, AutoZone, FedEx, and several others. Less than five minutes from Interstate 75, the Sears Distribution Center is within a four-hour drive time of 14 million people.

Avison Young’s Florida Capital Markets Group also completed the disposition of the 126,336-square-foot Sears location at 9409 U.S. Hwy 19 in Port Richey, Florida.

APEX Capital Realty Signs 3 More Tenants At URBAN 75th STREET In Little River

APEX Capital Realty has just closed on three new leasing deals for the 71,200 SF warehouse complex located at 300-320 NE 75th Street known as URBAN 75th Street. The three new tenants include celebrity recording studio House of Hits Recording Studio, Keto Kitchen and Belgium-based architecture/manufacturer M Design Group & Associates/ Wood Iron & Stone. They join Marvol JPS , a mobile phone equipment and supplies company, and fashion e-commerce company, PIXIE Market who signed and moved in last month, and two more new tenants are expected to sign next week (two e-commerce companies). The property, which is currently one of the bigger leasing assignments in the area, has quickly become a prime location for diverse businesses to relocate and expand– and serves as a great example of the type of industrial properties needed to support the continued expansion of e-commerce companies.

APEX Capital Realty, led by Miguel Pinto, recently acquired the 71,200 SF warehouse complex, located at 300-320 NE 75th Street in Little River, and developed the space focused on a flexible business space concept. Little River has been a hotbed for commercial development as prices in Downtown neighborhoods such as Wynwood continue to rise. URBAN 75th STREET is an innovative warehouse complex that has been redeveloped into a flexible multi-business space concept offering 24 industrial spaces which range from 2,500 SF to 3,350 SF and primed for tailored tenant build-outs which can be curated to meet the different workspace needs of each tenant and their diverse businesses. Each space offers an open loft style format, each division equipped to function as a live/work space as well. The leasing prices start at $19 SF modified gross lease. Perks for tenants include an on-site gated parking and state of the art 24/7 voice control security monitoring.

For more information about URBAN 75th STREET, private showings or leasing information please fill out the form below:

Codina Partners Launches Leasing For Beacon Logistics Park In Hialeah

Codina Partners a distinguished real estate development, management and investment firm, has launched leasing for the newest logistics and distribution built-to-suit park in South Florida, Beacon Logistics Park. It is located at Northwest 145th Place and NW 107th Avenue. The master-planned industrial development is located in close proximity to the Florida Turnpike, the Palmetto Expressway and I-75, providing easy access to all of Miami-Dade County and Broward County. Beacon Logistics Park will have more than 1.3 million square feet of space, giving tenants the adaptability to expand. The first phase of the Class A distribution park is Building F, which will be 147,768 square feet, with units available from 17,280 square feet and up. The building will feature a non-shared truck court, a building depth of 160 feet with a 60 foot speed bay to accommodate tenants needs.

“Tenants at Beacon Logistics Park will not only reap the benefits of the property being developed and managed by the seasoned team at Codina Partners, but they will also be located in a prime area with a growing population of skilled talent and quick access to Miami International Airport, PortMiami, and Port Everglades,” said Jose Juncadella SIOR, Principal at Fairchild Partners, leasing agents for Beacon Logistics Park.

Article by Stephanie Warren

For more information about Beacon Logistics Park, private showings or leasing information please fill out the form below:

APEX Capital Realty Signs First Two Tenants At URBAN 75th STREET In Little River

APEX Capital Realty, led by Miguel Pinto, has just signed the first two tenants at URBAN 75th STREET, an innovative warehouse complex located at 300-320 NE 75th Street in Little River. PIXIE Market, a Los Angeles-based fashion e-commerce company, signed a 5-year lease for 3,500 SF in the 320 building and plans to move in January 2019. PIXIE Market relocating its LA operations to Miami and selected the industrial space to expand its e-commerce business. Marvol JPS , a Miami-based mobile phone equipment and supplies company, has also signed a 5-year lease for 2,500 SF space at the 320 warehouse building and plans to move in January 2019.

APEX Capital Realty recently acquired the 71,200 SF warehouse complex, located at 300-320 NE 75th Street in Little River, and developed the space focused on a flexible business space concept. Little River has been a hotbed for commercial development as prices in Downtown neighborhoods such as Wynwood continue to rise. URBAN 75th STREET is an innovative warehouse complex that has been redeveloped into a flexible multi-business space concept offering 24 industrial spaces which range from 2,500 SF to 3,350 SF and primed for tailored tenant build-outs which can be curated to meet the different workspace needs of each tenant and their diverse businesses. Each space offers an open loft style format, each division equipped to function as a live/work space as well. The leasing prices start at $19 SF modified gross lease. Perks for tenants include an on-site gated parking and state of the art 24/7 voice control security monitoring.

For more information about URBAN 75th STREET, private showings or leasing information please fill out the form below:

Voters Approve Privately Funded Miami Beach Convention Center Hotel

In the highly anticipated election on Tuesday night, Miami Beach residents approved the construction of an 800-room convention center hotel. The referendum needed a 60 percent vote in order to lease public land from the city and passed at 64 percent in its third attempt to bring a headquarter hotel to Miami. The hotel will be built on a city-owned parking lot adjacent to the newly renovated convention center.

The previous attempt in 2016 failed due to concerns over the size, originally twice as large as the current proposal, and traffic congestion. The tourism bureau estimates Miami Beach lost at least $250 million in economic revenue over the last several years because it was unable to accommodate larger scale conventions.

South Beach resident Andres Montejo, 43, said that the convention center hotel was one of the issues that drove him to the polls. Montejo, a businessman who travels frequently for work, said that the other cities he visits already have hotels connected to their convention centers.

“A convention center is great, but without a hotel it’s just another convention center,” he said after casting his ballot at Miami Beach Senior High School. “Anybody that travels ... you know that’s how the game works. It’s like that all over the world.”

Other residents, annoyed with the constant flow of construction and resulting noise and traffic in the area, decided to vote against the hotel.

The hotel will connect to the convention center via a pedestrian bridge and include a 53-foot podium containing parking, meeting spaces and ballrooms as well as two 185-foot-tall wings of hotel rooms. Voters authorized the lease and the construction of an 800-room hotel with a maximum height of 185 feet, but specifics of the hotel design will be evaluated by the city’s Design Review Board at a later date.

The group behind the proposal — Turnberry’s Jackie Soffer, Terra Group’s David Martin, Miami Design District developer Craig Robins and architecture firm Arquitectonica — emphasized that the hotel would be roughly 100 feet shorter than the previous proposal and include six times more space for cars to queue on the property so that they don’t spill onto the street.

“This is the right project for our city at the right time, and Jackie, Craig and I look forward to working with the community to deliver a hotel that will make Miami Beach proud,” said developer David Martin.

On a related ballot item, residents voted to earmark the guaranteed hotel rent payments for traffic reduction measures, stormwater projects and education initiatives, rather than sending the money to the city’s general fund where it could be used for a broader range of expenses.

According to the terms of the lease agreement, the hotel will have to pay Miami Beach either fixed rent totaling $16.6 million over the first 10 years or a percentage of hotel revenue, whichever is greater. Miami Beach estimates that the city will also collect $96 million in taxes from the hotel over the next 30 years.

Article by: Katya Demina

Construction Underway On Magic City Innovation District As Leasing Of Commercial Space Kicks Off

Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has commenced renovations on 17 of its 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses. Designs for the commercial spaces, which range from 300 to 14,000 SF, are spearheaded by a variety of local design firms, including McKENZIE and ELM Architects. MCID anticipates being ready to receive office, retail and other commercial tenants as early as September 2018. Metro 1, South Florida’s leading real estate brokerage, management and development firm, will handle leasing efforts for the 17 spaces, geared toward creative-style tenants that align and shape MCID’s atmosphere and further promote foot and auto traffic throughout the neighborhood.

“The majority of our team has been working behind the scenes for over a decade, and now, it’s finally a reality,” said Tony Cho, founder and CEO of Metro 1 and a MCID founding partner. “Soon you will be able to walk through Phases 1 & 2 of Magic City and experience how the vision behind the property interacts and attracts a true innovation ecosystem to Miami, while preserving Little Haiti’s unique character.”

MCID spans 6 city blocks and intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a high-quality live, work, play lifestyle. With an emphasis on technology, sustainability, health and wellness and art and entertainment, MCID will contribute to the economic vitality of the area and enhance the appeal of the community. Phase two of the MCID development is the Forest of Curiosities park created in partnership with Lune Rouge, the Montreal-based enterprise founded by Cirque de Soleil founder, Guy Laliberté. The park promotes innovation, creativity and entrepreneurship and will have a central role in the curation and creative direction of Magic City’s arts and entertainment venues. 

“Magic City’s long-term development schedule and unique large-scale format makes the leasing process totally different from what you’d typically see at a new construction project elsewhere in the city. We’re looking for retail partners who not only share our desire to reinvigorate the surrounding community with new energy, but also complement the area’s existing vibe,” said Andres Nava, Vice President of Commercial Leasing at Metro 1. “Finding the right balance can be challenging, but we’re determined to fulfill our promises and create something that will benefit the entire community, not just the development team.”

MCID is also offering short-term lease opportunities, with spaces ranging from 300 SF to 30,000 SF. One of the few large-scale event venues in the City of Miami, these spaces are now available to host local community events as well as large-scale national/international conferences. 

Warehouse In Little River Sells For $10.4 Million

A warehouse located on the corner of North Miami Avenue and 71st St. in Little River has sold for $10.4 million. The sale, which was brokered by Tony Cho's Metro 1, a leading real estate brokerage, management and development firm, includes a 49,000 SF warehouse on 77,000 SF of land. The property is currently at 84% occupancy, housing a variety of creative and entrepreneurial tenants. Metro 1’s CEO and Founder Tony Cho, Vice President of Metro 1 Commercial Andres Nava and Sales Associate Jack Conrad brokered the deal on behalf of both buyer and seller. The buyer, 7101 N Miami Ave LLC’s Manager John Matthews, was represented by attorneys James Marx and Steven Rosenthal of Marx Rosenthal PLLC.

“We are extremely pleased with our acquisition in Miami and could not be happier with Metro 1. Their vision for the area excites us and we are looking forward to contributing in a positive way,” said John Matthews. 

“Miami’s Upper East Side is quickly gaining traction with investors from around the country,” said Cho. “We were among the first organizations to focus on this area and although the change is just now getting started, it’s really night and day. What’s really motivating is that we’re seeing demand from people interested in preserving and advancing the area’s existing personality. They like what they see and want to help the entire neighborhood reach its full potential.” 

The transaction comes only a few weeks after Metro 1 announced the start of commercial leasing for the nearby Magic City Innovation District (MCID), a highly anticipated 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods. Spanning six city blocks, MCID intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a quality life.

Miami Doubles Down As A Top 20 Finalist For Amazon HQ2

After PROFILEmiami first reported that Miami was a frontrunner for Amazon's now infamous HQ 2, Miami has now made the final cuts as Amazon has named the top 20 finalists. The cities are competing to to secure an expected 50,000 jobs and $5 billion in investment. The finalists are Atlanta, Austin, Boston, Chicago, Columbus (OH), Dallas, Denver, Indianapolis, Los Angeles, Miami, Montgomery County (MD), Nashville, Newark, New York City, Northern Virginia, Philadelphia, Pittsburgh, Raleigh (NC), Toronto, Washington, D.C. Miami's application was submitted by the economic-development arms of Broward, Miami-Dade and Palm Beach counties although details of the bid have not been made public. 

Jeff Bezos lived in Miami for a period of time during his childhood and has an affinity for South Florida. Miami is an attractive city as it features a high quality of life, strong infrastructure growth, a growing educated workforce, strong job growth, etc. Quality of life has become a major factor when choosing a new headquarter location as both housing cost, livability and amenities play a major roll in a firm's ability to attract top-end talent. Miami has the low pricing when compared with other major cities without sacrificing the quality of life and the city features all of the amenities that highly paid and educated employees seek including top-tier restaurants, recreation and culture. The low cost with a high quality of life in Miami would make it easy for Amazon to attract top-end talent. Some factors that hurt Miami is the lack of public transportation and traffic congestion.