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January 6, 2011 
 
 
London Calling

Hello, South Florida! Allow us to introduce ourselves. We are the original commercial real estate e-blast that started in DC six years ago and has since expanded to NYC, Chicago, Boston, Houston, Dallas, Atlanta, LA, Baltimore, and now South Florida. We try to be fun, informative, picture-heavy, upbeat, and mercifully short. Please give us your feedback and suggestions: Editorial@Bisnow.com.

 

We've just seen the largest transaction involving an open-air shopping center in Florida since 2008. Institutional investment advisor RREEF acquired the 229k SF London Square shopping center and office building in Southwest Miami for $95.25M, or $318/SF, on behalf of an offshore client.

 

The seller, an affiliate of Boca Raton-based Woolbright Development, was repped by the CBRE national real estate investment team. CBRE’s Casey Rosen tells us the center, at the intersection of SW 137th Ave and SW 120th St, is 99% leased. Tenants include Ross Dress for Less, TJ Maxx/Homegoods, and Miami Children’s Hospital. Costco operates in a separately owned 151k SF building that wasn’t included in the sale.


Bisnow

Tips from a ‘Daredevil’ Developer

 
Frank McKinney

OK, we know we’re a commercial real estate pub, but sometimes folks on the residential side pique our curiosity: Frank McKinney would be one. The man who's been called the “daredevil developer” pulled off another stunt to sell a 15k SF “green” oceanfront home in Manalapan. He performed an illusion at the open house where he stood on nearby ledge one minute and popped out of a casket the next. Acqua Liana, as the home is known, fetched $15.5M in September (it was listed at $22.9M). Frank shared that tip, though nobody volunteered to repeat the stunt, Tuesday at a meeting of the Distressed Real Estate Investors Association in Deerfield Beach, attended by about 75. As a best-selling author (though appearing on Oprah may be the most attention-grabbing credit), Frank has developed a reputation for marketing techniques that are as flashy as the homes he’s built in his 25 years in South Florida.

David Dweck

Investor David Dweck credits Frank’s efforts over the years as helping to gentrify Delray Beach. In his early years, Frank focused on buying and renovating homes under $100k. Since 1991, however, he’s built 36 oceanfront spec homes designed mainly for the uber-rich.


Bisnow

Golden Opportunity

 
Bob Breslau

With the $14M acquisition of the 155k SF Coral Landings III shopping center in Coral Springs, Stiles is planning to resume construction of its 39k SF second phase in the next 30 to 45 days, the firm’s Bob Breslau tells us. He says the project is a good opportunity for Stiles to make use all of its skills, including leasing, managing, developing, and operations. Stiles has been developing projects in Coral Springs for the past 15 years and is bullish on retail in the area.

Stiles, which acquired the property by a note purchase and foreclosure, is seeking construction financing from Wells Fargo. Construction on the second phase, which will include an 18,300 SF ALDI grocery store, is about 40% complete but was stalled when the property went into foreclosure. It’s expected to be completed in Q4. The first phase, finished in 2008, is 71% leased.


Bisnow

Lease Sweetens Deal

 

A JV between Boston-based Marcus Capital Partners Fund I and Miami-based the Easton Group has acquired a 394k SF mixed-use facility in Miami Lakes for $8.1M. The Easton Group’s Ed Easton tells us the acquisition price of $20/SF (compared to the replacement cost of $100/SF) was the main attraction of the deal. It was sweetened by Heartware International’s signing of a 10-year, 130k SF lease for the space. The property is located in the Miami Lakes Industrial Park at 14560 NW 60th Ave near the Opa Locka Airport. It consists of 11 buildings over 27 acres and houses advanced labs, clean rooms, air-conditioned warehouse, and office and retail space. Ed tells us Easton plans to spend $1.75M to renovate before Heartware takes occupancy in March.

 

What’s a done deal these days? Let us know at Natalie.keith@bisnow.com.

 
 
 
 
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