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Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
January 12, 2012 
 
 
2012: Not Bleak, But . . .

 
While economic uncertainty at home and abroad keeps the economists in a half-empty glass mindset, the Grubb & Ellis 2012 National Real Estate Forecast predicts a year of slow but continued growth for all CRE property sectors. The glass is 3/8-full is still a decent outlook.
 
Grubb & Ellis SVP/chief economist Tim Prunka tells us that Miami’s port puts it at No. 6 on the list of Top 10 markets serving seaports or inland ports that benefit from growing international trade. Miami falls behind LA (with the largest port complex in the nation), Houston, The Inland Empire, DFW, and Chicago. For 2012, smaller, second-generation warehouse spaces likely will continue to struggle despite aggressive concession packages and depressed rent levels.

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GOOD BUY BANKRUPTCY
 
Las Olas Boulevard
Cymbal Development nabbed the Cabi New River development in Fort Lauderdale out of bankruptcy. (It's the equivalent of a story about a gallant knight and a damsel in distress.) Made up of six acres on the south side of the New River across from Las Olas Blvd and adjacent to Related Group's three-acre holdings, the site was valued at $31M at its peak. Cabi assembled it for $21.5M over several years and HSBC had a $17.5M loan on the property. Cymbal Development bought the site for about $11.5M free of HSBC's mortgage and with the permission of Cabi and the bankruptcy court.
Asi Cymbal, third from right
Cymbal Development prez Asi Cymbal (third from right at a Council of Fashion Designers of America event last year) says he intends to develop an appropriate mixed-use project of international stature desirable to the urban core waterfront location. Asi has developed approximately $1B in real estate in Los Angeles, New York, and Miami. He built and owns Midtown Center, a retail complex on North Miami Avenue, directly across from Midtown Miami and is one of the largest landowners in the Miami Design District. Cymbal is in the midst of a $100M equity raise and has plans for the development of $500M in projects in South Florida over the next several years.

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GRAFFITI ART
 
2300 NW 2nd Ave
Speaking of the Design District, as part of Comras Co’s acquisitions and leasing efforts there, the firm gathered famed graffiti artists to unveil an artistic approach to retail real estate for the Wynwood Arts District. During the 10th edition of Art Basel Miami, Comras Co partnered with artists Ben Eine, Greg Mike, Anthony Lister, and Shark Toof, to redefine a 12k SF retail building at 2300 NW 2nd Ave. Shining like a beacon is Ben’s message of More Light More Power on the front of the building. The building, which Michael calls an ideal mix of history and modernization, will undergo a complete renovation including the roof, plumbing, electric and A/C. The graffiti will remain.

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BRIGHT LIGHTS, BIG CITY
 
Loretta Cockrum, Carlos Gimenez and Jennifer Carroll
We’ve got the cure for the post-holiday doldrums: photos of last month’s lighting of Brickell World Plaza. Here’s 600 Brickell developer Foram Group CEO Loretta Cockrum with Miami-Dade County mayor Carlos Gimenez and Lt. Gov Jennifer Carroll as they counted down for the plaza lighting. Proceeds from the event benefited three Miami-Dade non-profit organizations: The Education Fund, Humane Society of Greater Miami, and Ronald McDonald House.
 
Who's hitting the waves now that Miami Beach’s short-lived surfing ban north of Third Street ended? Hang 10 and email your news to tonie@bisnow.com.
 
 
 
 
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