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

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
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
Babak Ebrahimzadeh with The Contemporay
Babak Ebrahimzadeh proposes West Palm office project
Babak Ebrahimzadeh proposes West Palm office project
 Related Companies' Stephen Ross and a rendering of 515 Fern (Getty, Red Leaf NY)
Stephen Ross bets on West Palm office development — again
Stephen Ross bets on West Palm office development — again
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
A rendering of the proposed office building and Michael Shvo (Kobi Karp, Shvo)
Michael Shvo plans second Miami Beach office project
Michael Shvo plans second Miami Beach office project
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
A rendering of the 830 Brickell office tower in Brickell, Miami and Vlad Doronin of OKO Group and Jonathan Goldstein of Cain International (OKO Group, Cain International)
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...