South Florida-based Beacon picks up properties in U.S. ‘pockets of opportunity’

Four owners manage 5 million square feet of office buildings from Hallandale Beach

TRD MIAMI /
Jun.June 13, 2013 12:00 PM

In six months Beacon Investment Properties has spent half a billion dollars acquiring class A office space in U.S. “pockets of opportunity,” the Hallandale, Fla.-based company told The Real Deal.

For now, these “pockets” may be tapped out in South Florida. Beacon’s latest acquisition streak netted it 3.1 million square feet in Houston, Dallas, Atlanta and Minneapolis. Beacon last acquired Florida property in 2010. Its active portfolio includes Golden Glades Office Park in Miami Gardens, The Towers of Coral Springs and Villaggio Plaza in Orlando.

“In Miami you are seeing a lot of activity, even Fort Lauderdale is starting to show some positive growth now, but the Miami properties, typically the returns are lower,” Terry Kennon, Beacon’s Dallas-based director of asset management, told TRD.

Beacon, managed by three co-founders and an attorney, all of whom are based in South Florida, uses private equity to purchase undervalued and distressed properties.

Founded in 2003, Beacon has five million square feet under management with goals to increase holdings by 60 percent over the next two years.

Beacon is continuing a strategy around the U.S. it first employed in Florida: buy low.

“We only buy properties at below market value and well below replacement costs,” Ariel Benata, Beacon’s co-founder and chief investment officer, said in a company release.

Benata, a native of Venezuela and New York University business school grad, said Beacon has the good fortune of institutional-investor partners and lenders to help “close quickly on opportunities where the seller wants a timely execution.”


Related Articles

arrow_forward_ios
Integra Investments’s Victor Ballestas and Artsquare at Hallandale Beach

Integra scores $68M refi for Artsquare at Hallandale Beach

Gulfstream Park and Stronach Group CEO Craig Fravel 

Gulfstream Park bets on $20M renovation

A rendering of Falls at Gulfstream

High-rise hotel, apartments coming to Hallandale Beach Opportunity Zone

Daily Digest Miami

The Fed lowered rates and real estate is loving it, JPMorgan dives into Miami affordable housing: Daily digest

Rendering of SLS Resort Residence & Marina Hallandale Beach, Ari Pearl, Sam Nazarian and Faisal Ashraf

Ari Pearl lands $100M loan to build first phase of SLS project in Hallandale Beach

Cement pour at Ocean 2000 site takes 13 hours, 240 trucks and 500 tons of steel

Cement pour at Ocean 2000 site takes 13 hours, 240 trucks and 500 tons of steel

(Credit: Pixabay)

Living (too) large: Aging baby boomers struggle to sell sprawling Sunbelt homes

(Credit: Pixabay)

Brazil’s biggest state-owned bank plans to sell real estate assets to repay public debt

arrow_forward_ios
Loading...