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A Miami Beach retail brokerage that has arranged some of the region's biggest leases since its founding 31 years ago is shuttering.
Koniver Stern Group’s co-founders, Bruce Koniver and Lyle Stern, have decided to close their brokerage and start two new firms in its place, Commercial Observer reports.
Stern’s new company, dubbed Vertical Real Estate, will launch with partners Michael Sullivan and Noah Fox, both of whom previously worked at Koniver Stern Group, and seven other agents.
“At this stage of our professional lives, we saw different ways to grow and have therefore started two new companies,” Stern said in a statement, according to CO.
Koniver's plans for his independent firm aren't clear.
Koniver Stern worked on deals involving brands such as Mr. Chow, Whole Foods and Sweetgreen, and Vertical is keeping its landlord assignments at the Southeast Financial Center, Wynwood Plaza and the Eighteen Sunset development in Sunset Harbour.
The company’s new 4,500 SF office digs will be in South Beach at 1665 Washington Ave. near Lincoln Road, the same building where Koniver Stern Group ran its operation.
The breakup comes amid a strong retail market in Miami despite economic headwinds. Retail vacancies in South Florida dropped to 3.1% in the fourth quarter from 3.7% the previous year, while triple-net rents rose from $32.01 to $35.40, according to Lee & Associates data.
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