Winick Realty Group, one of Manhattan’s Top 5 retail brokerages, is expanding outside the tri-state area for the first time.
The retail specialist has entered into a partnership with seven-year-old Miami Beach brokerage Avenue Real Estate Partners to team up on exclusives in the South Florida market.
Winick Executive Vice President Kenneth Hochhauser, who will be spearheading the Miami initiative alongside company founder Jeff Winick, said the move south made sense as the company’s northeast clients become more active in South Florida.
“Our clients have been pushing us as some of the investment flows from New York to Miami,” he said.
Richard Wagman’s Madison Capital, for example, paid $57.3 million in October to buy South Beach’s Boulan building, and the Chetrit Group is active with projects like its massive Miami River development, which will include nearly 1,700 residential units, 330 hotel rooms and 266,000 square feet of office and retail space built in five phases.
Winick and Avenue will be teaming up to market the 40,000 square feet of retail at Madison Capital’s 2000 Collins Avenue, and 100,000 square feet of retail and office space at Venezuelan developer HES Group’s 530,000-square-foot Triptych Miami Design District mixed-use project.
“These aren’t just local properties, which is great,” said Avenue president Aaron Butler.
Avenue is headquartered on Miami’s trendy pedestrian-shopping boulevard Lincoln Road, where rents have begun to cool following a surge in investment and high-profile projects. The firm is handling leasing at New York-based TriStar Capital’s 800 Lincoln Road, which is being redeveloped with three stories, 8,400 square indoors and an 1,800-square-foot rooftop terrace; as well as TriStar’s leased 500 Lincoln Road, adjacent to the Miami Beach Community Church. That property will have 15,236 square feet and is expected to be completed in 2018.
Hochhauser declined to comment on the financial details of the arrangement, but said that the deal “motivates both sides.”
Winick ranked No. 5 among Manhattan’s top retail brokerages with 293,282 square feet of closed deals in the past year, according to a recent ranking by The Real Deal.