CBRE has hired Russell Bornstein as a senior vice president in its Boca Raton office. Bornstein, a 25-year real estate veteran, will focus on landlord and tenant representation services in the retail market. He has advised clients including Outback Steakhouse, BankUnited, BankAtlantic, Shell Oil and Humana Health Plans. [more]

Wells Fargo Financial Center

Office vacancy in Miami-Dade County was at 19.1 percent at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. [more]

Downtown Miami

Florida’s office market experienced year-end positive absorption for the first time since 2007, according to a statewide MarketView by CB Richard Ellis. The report, which covered commercial properties in the Jacksonville, Orlando, Tampa Bay and South Florida markets, also found that asking office lease rates continue to stabilize around the state. On the industrial side, vacancies continued to drop, and more properties are set to break ground. — Alexander Britell

CB Richard Ellis Capital Markets has secured $5 million in fixed financing for the Green Companies on the Green Vista Apartments in Hialeah. The proceeds were used to purchase a 100 percent interest in the property from the developer who built the project along with the Green Companies in 1997. The 94-unit garden-style community is 100 percent leased and includes 79,822 net rentable square feet. CBREs’ Charles Foschini, Christian Lee and Christopher Apone arranged the financing through Freddie Mac. — Alexander Britell [more]

Liberty Property Trust has acquired 126 acres in Miami to develop an industrial park, in a deal closed last week. The 1.6 million-square-foot facility, dubbed Miami International Tradeport, could add $135 million in value to the county’s tax base. The transaction was brokered by CB Richard Ellis. The land is located just south of Okeechobee Road fronting Florida’s Turnpike. Butters Construction & Development will oversee construction of the new park on the site, which had been owned by cement and concrete firm Tarmac America. — Alexander Britell [more]

Freight forwarding firm Codotrans is relocating and expanding to Doral’s Beacon Centre with a lease of 41,990 square feet. The firm is expanding its Doral operations by 17,000 square feet with the move. “Codotrans is expanding as a result of steady business growth over the last five years, primarily from Central America and the Caribbean markets,” said Devin White, Vice President with CB Richard Ellis, who represented Codotrans along with brokers David Albert and Ronald Marrero. The landlord was represented by Thomas Kresse, a senior vice president with Transwestern. — Alexander Britell [more]

CB Richard Ellis has added two new retail brokers to its team in Boca
Raton, Roxanne Register and Lynette Green, who will focus on tenant and
landlord representation. Both formerly worked at CBRE.  “Retail is an
important strategic initiative for CBRE Florida,” said Mary Jo Eaton,
senior managing director for Florida. “Our regional focus is to
strengthen our retail presence and grow our market share across the
state.” Register was previously the president at ReCor Realty Advisors
in Boca Raton, a firm she founded, and had previously worked for CBRE
from 1995 to 2000. — Alexander Britell [more]

CBRE’s Allen Lindow and 1001 W. McNab RoadSpring Footwear has purchased a 58,811-square-foot showroom in Fort Lauderdale, according to GlobeSt.com, that it will use as a distribution facility with offices and a non-retail showroom.

Spring Footwear had previously leased 34,000 square feet in Pompano Beach, but decided to buy the space in order to expand and capitalize on a buyer-friendly market. [more]

A preschool building in Coconut Creek has been sold to an offshore investment group called MG3 Pre School, according to CB Richard Ellis, which brokered the transaction on behalf of seller Bount Warehouse. The building, which is located at 5601 Regency Lakes Boulevard, is leased to Discovery Pre-School. [more]

A multi-family project for sale in Miami

While Miami’s condominium units have seen strong sales in the last two years as the residential market has picked up, the city’s multi-family sector could be the source of the next development boom. With financing more readily available for multi-family properties, and rental demand surging, the city is seeing a pipeline of apartment developments that could mark a major shift for the residential market, from condominiums to rental apartment projects. [more]