Comras nabs $35M construction loan for Miami Beach retail project

Target is opening its first small-format store in SoFla at the development

Miami /
Mar.March 06, 2018 04:30 PM

Rendering of BLVD at Lenox and Michael Comras

A company led by Michael Comras closed on $35 million of construction financing for BLVD at Lenox, a Target-anchored retail project in Miami Beach.

City National Bank is providing the loan to Mac 1045 5th Street LLC, led by Comras. The five-story building will have about 67,000 square feet of retail space and 224 parking spaces. The developer broke ground in January.

CBRE’s Jonathan Rice and Jeff Ackemann of Atlanta secured the financing, according to a release. Target will anchor the development with a 33,000-square-foot store that’s slated to open in the spring of 2019. The retailer will open its first small-format store in South Florida at the Comras project.

In November, Comras said he’s aiming to lease the remaining 34,000 square feet of retail space to restaurant and service-oriented retailers. Asking rents at the project range from $40 per square foot to $70 per square foot. Available spaces include nearly 28,000 square feet on the ground floor and 5,500 square feet on the third floor.

Comras, who led the investor group that sold an entire block of Lincoln Road to Spanish billionaire Amancio Ortega for $370 million in 2015, assembled the BLVD at Lenox site between 2014 and 2017 for a combined $8.48 million. – Katherine Kallergis


Related Articles

arrow_forward_ios
John Sandberg
John Sandberg, team leaves Douglas Elliman for Compass
John Sandberg, team leaves Douglas Elliman for Compass
The Estates at Acqualina in Sunny Isles Beach 
Estates at Acqualina tops Miami-Dade’s weekly condo sales
Estates at Acqualina tops Miami-Dade’s weekly condo sales
Edna Buchanan with 400 W San Marino Drive
Crime writer Edna Buchanan sells Venetian Islands home for $12M
Crime writer Edna Buchanan sells Venetian Islands home for $12M
Jon Paul Pérez with an aerial of Fisher Island (Google Maps)
Related ups ask for planned Fisher Island penthouse to $90M
Related ups ask for planned Fisher Island penthouse to $90M
5760 North Bay Road in Miami Beach (Google Maps)
Hedge funder sells waterfront North Bay Road mansion for $36M
Hedge funder sells waterfront North Bay Road mansion for $36M
SL Green’s Andrew Mathias, Boich Investment Group’s Wayne Boich and Related Companies’ Bruce Beal Jr. with rendering of 1920 Alton Road (SL Green, Boich Enterprises, Related Companies)
Boich, Beal and Mathias score approval for Sunset Harbour project
Boich, Beal and Mathias score approval for Sunset Harbour project
Michael Shvo, Rishi Kapoor, Jorge Pérez and Eric Schmidt with 407 Lincoln Road, 1260 Washington Avenue, 120 MacArthur Causeway, Terminal Island, 944 Fifth Street and 411 Michigan Avenue (SHVO, Related Companies, Location Ventures, Guillaume Paumier, CC BY 3.0 via Wikimedia CommonsLoopNet, Arquitectonica, Touzet Studios, TECMA)
Map: Here are 655K sf of offices on tap in Miami Beach
Map: Here are 655K sf of offices on tap in Miami Beach
Douglas Elliman’s Jay Parker, Related Group's Jorge Pérez and Fisher island (Google Maps, Getty, Douglas Elliman, Related Group)
VIP only: Related, partners begin sales of Fisher Island condo project
VIP only: Related, partners begin sales of Fisher Island condo project
arrow_forward_ios

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

Loading...