The Real Deal Miami

The week in commercial leases

Check out this week’s biggest leases in SoFla
By Sean Stewart-Muniz | July 29, 2015 03:55PM

Growing demand for office and industrial space in South Florida was evident last week, as a bevvy of tenants signed jumbo leases in some of the region’s hottest markets.

55 Miracle Mile, Coral Gables

The office and retail building at 55 Miracle Mile in Coral Gables

The mixed-use building at 55 Miracle Mile has been fully leased, owners announced on Wednesday.

CGI Merchant Group, which purchased the building in 2013 for $26.75 million, said the office portion is now completely occupied.

That includes about 25,000 square feet of office space, which was capped off by three new tenants that were brought onboard this month. The existing tenants include HSBC Bank, Tarpon Bend and Cibo Wine Bar.

Stephen Rutchik of Colliers International represented CGI for the leases.

Stephen Rutchik of Colliers International

“Our team took over the leasing four months ago, and we were able to bring the vacancy rate down to zero as a result of the three most recent leases which represent approximately twenty percent of the office space,” Rutchik said in a statement. “The mix of retailers and office tenant coupled with the upcoming improvements to Miracle Mile has made this an even more desirable building.”

The building totals 65,242 square feet both retail and office space. The attached 184 residential units, which occupy floors six through 15, were not part of CGI’s purchase.

Sawgrass Corporate Parkway, Sunrise

The offices at 1580 Sawgrass Corporate Parkway

A medical billing company has nearly doubled its lease at the Sawgrass Corporate Parkway in Sunrise.

MedPro, which is based in Georgia, originally occupied about 6,000 square feet of office space in the building at 1580 Sawgrass Corporate Parkway. The company decided to expand its lease to 11,279 square feet and relocate one of its divisions to the center partly because of its success in Florida, according to a news release.

Caitlin Inklebarger of Miami-based Pointe Group Real Estate represented the landlord in the deal.

Caitlin Inklebarger of Pointe Group

“We are seeing this same kind of push upward on pricing throughout the Broward suburban market, with some of our recent deals recording a $3.00 per square foot increase in base rent.” Inklebarger said in a statement. “This increase is supported by the fact that tenants are being priced out of the Fort Lauderdale CBD due to the limited inventory and rising rents, those tenants are now moving to Broward’s suburban markets.”

The owner of the building is listed as Realty Associates Fund VIII, which paid $22.2 million to acquire the 98,715-square-foot building in 2007. That company is managed by TA Realty, a Boston-based investment advisor and asset manager.

Cypress Executive Center, Fort Lauderdale

The Cypress Executive Center in Fort Lauderdale

A Cushman & Wakefield agent has brokered 30,000 square feet of new leases at the Cypress Executive Center in Fort Lauderdale.

The new tenants include Royal Seas Cruises, a cruise line that’s relocating from its other offices in the city, and Yellow Pages, which is moving from its offices in Deerfield Beach.

Those companies were represented by Thomas Capocefalo of Savills Studley and Caroline Fleischer of Cushman & Wakefield, respectively. The landlord, ICM Realty Group, was represented by John Criddle of CushWake.

John Criddle of Cushman & Wakefield

“Within two months of new ownership and leasing representation, we’ve been able to secure 30,000 square feet of new leases, increasing building occupancy to more than 80 percent,” Criddle said in a statement. “This activity level not only speaks to the strength of the market, but the also the strength of the new ownership and leasing team.”

The executive center is a six-story building with 140,635 square feet of office space.