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Real Estate Bisnow
   
January 4, 2013 
 
 
 
WorkSpaces (Left2) SFL
Viva Retail!

 
The year ended strong on South Beach’s Lincoln Road—to the sound of a $139M retail deal being finalized. (Watching that pen was undoubtedly sweeter than watching the ball drop in Times Square.) With retail vacancies stabilized and little new product, more deals in 2013 is a distinct possibility.
 
A JV of Terranova Corp and Acadia Realty Trust acquired 719-737, 801-821, and 826-838 Lincoln Rd, a 53k SF portfolio, from South Beach Tristar Capital in an all-cash deal overseen by RKF and Ackman-Ziff. The portfolio is fully occupied, with tenants including Aldo, Solstice, Score, Tiramesu, Spris, Fossil, and the new Dylan’s Candy Bar (with that delicious Art Deco look). Marcus & Millichap’s Brian Parmacek wasn’t involved in the deal but tells us investors are coming from “all over” to seek out retail properties in South Florida.
 
Office Moving 2012 MSFL
Brian tells us he’s seen a lot of all-cash offers lately, from such places as Venezuela and Brazil, which have been important sources for the cash investments pumping up the local residential market. Most ordinary retail investments sales aren’t going to be as splashy as Lincoln Road, but they will form the bedrock of the market. “Most investors are looking for secure and stable return with little risk,” Brian says. Recently, along with colleague Marc Strauss, he repped the seller in the $1.7M sale of 820 Bald Eagle Dr in Marco Island, a fully occupied strip center.
Another positive indicator for South Florida retail, and South Beach in particular: heightened retailer interest. Goldman Properties’ Marlo Courtney, who’s also a part of the Collins Improvement Association, tells us that 2013 will be a good one for retail along Collins. “National retailers in various segments, including fashion, cosmetic, and athletic wear, are all vying for locations in the corridor,” he says. (If they join forces, they might be able to do something about the Denver Nuggets gold jerseys.) Major leases may be in the offing soon.

The World Comes to Coral Gables
 
Coral Gables also finished the year strong—a 33k SF office lease at 396 Alhambra, one of the largest in the city in ’12. Blanca Commercial Real Estate’s Danet Linares tells us that the area will remain attractive to international tenants because it has features executives like (exec housing, walkability, fancy shops) and is also near the airport (a feature that bank robbers appreciate as well). The 396 Alhambra lease is an example: global food and drink giant Diageo leased the space for its Miami HQ. Danet and her colleague Andres del Corral repped the landlord, while Joe Garvey of CLW Real Estate Group repped Diageo.
Also at year’s end, Coral Gables got its first LEED Gold building— and at nearly 40 years old, an unusual one. 55 Alhambra Circle is a 231k SF office building built in 1974, notes Transwestern’s Marta Fernandez, who managed the certification process on behalf of ownership. But the conversion proved doable, and without a large capital expenditure. Energy and water use is down, and 17.5% of building occupants use alternative transportation to and from the building. Considering the property’s suburban setting, that's a high percentage.

Don't Always Believe Your Eyes
 
In the last edition of Bisnow South Florida, we ran an incorrect picture. It wasn't intentional—just one of those things that happens when we don't clean our glasses before doing layout. We meant to run 200 East in Boca Raton, which is pictured here.
 
We think we lost our wallet; it has a ton of cash in it; if you found it call us. Send ideas and suggestions to dees.stribling@bisnow.com.
 
 
 
 
 
WS (NCCmedia) SFL
 
Office Moving 2012 SFL
 
NewAcre (Distressed) SFL
 
Arent Fox (REI) SFL
 
Microsoft (Share)
 
Bisnow (Writer2)
 
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