Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables

Other lease deals signed at Bridge 595, The Boulevard multifamily project AUTHOR: Lidia Dinkova

Lease roundup: Apollo Capital expands to Brickell, Pura Vida to Coral Gables
Renderings of Building 24 at Prologis’ Beacon Lakes industrial park and the Boulevard apartment project in Miami and the office tower at 701 Brickell in Miami, with Prologis CEO Hamid Moghadam (Avison Young, Tricera Capital, Prologis)

Apollo Capital Management I701 Brickell

Financial firm Apollo Capital Management inked a long-term, 24,000-square-foot lease at 701 Brickell, according to the landlord’s broker’s news release.

Brian Gale and Ryan Holtzman of Cushman & Wakefield represented building owner Nuveen Real Estate.

New York City-based Apollo Capital, a high-growth alternative asset manager, joins a slew of financial firms expanding to South Florida.

The deal brings the 33-story Class A office tower to 96 percent leased. Some of its other financial tenants include Point72, Moore Capital and Manhattan Life.

Pura Vida I Miracle Mile in Coral Gables

Health food café Pura Vida signed a lease at one of Terranova’s Coral Gables buildings.

Pura Vida, led by Omer Horev, took out a 10-year, 2,675-square-foot lease at 244 Miracle Mile, according to a Terranova news release.

Pura Vida, which has 11 locations in South Florida, expects to open in the fall of 2022.

Aside from Coral Gables, Terranova, led by Stephen Bittel, owns commercial properties in Miami Beach, where the firm is based. In September, Terranova signed art retailer Lumas Art as a tenant at 737 Lincoln Road.

Echelon Fitness I The Boulevard in Miami

High-profile on-demand exercise provider Echelon Fitness is moving its national headquarters to Miami.

Tennessee-based Echelon leased a 10,035-square-foot space and will anchor the ground-floor retail at The Boulevard apartment building under construction along Biscayne Boulevard, according to a Tricera Capital news release.

Tricera is developing the 294-unit luxury apartment building on 2.2 acres at 5700 Biscayne Boulevard, in partnership with 13th Floor Investments and Wexford Capital. It will have 27,000 square feet of retail.

Tricera’s Ben Mandell and Jennifer Houston, who oversee retail leasing at The Boulevard, handled the deal.

Echelon will use the space for in-person training, spinning classes, a workout apparel and accessories store, and a studio where it will record live classes that then can be used for one of its digital offerings, according to the release.

Crema Gourmet Espresso Bar is also planning to open a retail space at The Boulevard, inking a 2,400-square-foot lease. An upscale salon and a luxury clothing boutique also are in talks to sign leases.

The Boulevard is expected to be completed in the first quarter of 2022.

Sign Up for the undefined Newsletter

La Mesa RV Center I Bridge Point 595 in Davie

La Mesa RV Center is opening a new location at the Bridge Point 595 industrial distribution facility in Davie.

The San Diego, California-based RV dealership signed a 96,728-square-foot lease at 2650 Bridge Way, according to a news release from the landlord’s broker.

Joseph Byrnes and Keith Graves of Berger Commercial Realty/Corfac International represented the entity that Chicago-based Bridge Industrial uses to own the property.

Bridge, co-founded in 2000 by CEO Steve Poulos, developed the three-building Bridge Point 595 complex after buying the site for $36.9 million in 2019.

Other tenants include fulfillment services and inventory management software Shipmonk, and moving, delivery and warehousing company K&K Transfer, according to the release. Logistics hub Reef Technology inked a 47,316-square-foot lease in September.

King Ocean Services I Beacon Lakes in Miami

International cargo transport company King Ocean Services fully leased a building under construction at Beacon Lakes in northwest Miami-Dade County.

King Ocean, which services the Caribbean as well as Central and South America, signed a long-term, 157,258-square-foot lease at Building 24, according to a release from the tenant’s broker.

Wayne Schuchts and Bobby Benton of Avison Young, as well as Ed Lyden of State Street Realty represented King Ocean in the deal.

The property is expected to be completed in the third quarter of 2022, according to the release. The space represents a 53,000-square-foot expansion for King Ocean, compared to its previous location in Doral.

The building is part of San Francisco-based Prologis’ nearly 500-acre Beacon Lakes industrial park that the real estate investment trust is building in phases.

In May, Prologis, led by Hamid Moghadam, filed an application to the county to add two 164,435-square-foot facilities on the southeast corner of Northwest 129th Avenue and 14th Street at Beacon Lakes.

The deal speaks to the continued strength of the South Florida industrial market even in light of the supply-chain bottleneck. The county’s industrial vacancy is currently 4.4 percent, the lowest since 2018, according to Avison Young.

Actuate Law I 545wyn

Actuate Law signed a 3,000-square-foot lease at the 545wyn office building in Miami’s Wynwood Arts District.

The law firm, founded in Chicago in 2018, is building out its space at the Sterling Bay-developed property, according to a news release.

Actuate’s tech subsidiary, compliance solutions provider Quointec, also will occupy the space.