Lease roundup: Miami Worldcenter, Banyan Street nab tenants
In other deals, Time Equities fully leased the retail at its CasaMara project in West Palm Beach
Sports & Social I Miami Worldcenter | Miami
Dining and entertainment venue Sports & Social will open at the $4 billion mixed-use Miami Worldcenter project.
Sports & Social will open a 20,000-square-foot location in the glass-encased “Jewel Box” retail building and include a third-story rooftop and restaurant overlooking the World Square park and plaza at the downtown Miami development, according to a Miami Worldcenter press release.
The venue, known for its sports watching activities and games, will be walking distance from the Miami Heat’s home stadium FTX Arena. The Miami location will include a 53-foot LED display showing multiple sports events at once as its centerpiece. It also will host live music and offer games such as foosball, pop-a-shot and shuffleboard, the release says.
Hospitality company Live! Hospitality & Entertainment, a division of the family founded and owned real estate development firm The Cordish Companies, created the Sports & Social concept. The venue has nine other locations across the U.S., including near Atlanta’s Truist Park baseball stadium, near St. Louis’ Busch Stadium, at the Texas Live! Center in the Arlington Entertainment District, and Live! Casino & Hotel Philadelphia in the South Philadelphia Sports Complex.
Sports & Social also plans to open a location at Dolphin Mall in Sweetwater this winter.
The 27-acre Miami Worldcenter project’s master developer is Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, in partnership with CIM Group.
CIM and Miami Beach-based The Comras Company are leading retail leasing at the development.
Roughly 100,000 square feet of the retail space at Miami Worldcenter has been leased, including to chef Michael Beltran’s Brasserie Laurel and El Vecino, and Chicago’s Maple & Ash and etta restaurants. Beauty retailer Sephora, luxury electric car company Lucid Motors and entertainment complex Bowlero leased retail space last fall.
The Paramount condominium tower, the Caoba and Bezel Miami apartment towers, and 170,000 square feet of retail space are already completed at Miami Worldcenter.
Projects under construction include Lalezarian Properties’s 550-unit apartment building Miami World Tower, Royal Palm Companies’ Legacy Hotel & Residences with condos and a hotel, 50,000 square feet of medical offices, and a second Caoba apartment tower.
Also planned are Related Group and Merrimac Ventures’s The Crosby condo, Miki Naftali’s pair of supertall residential towers, and Steven Witkoff and Monroe Capital’s three-story complex.
Florida Department of Revenue, Mercury Air Cargo, more I Doral Center I Doral
Banyan Street Capital scored seven new tenants at its Doral Center office complex for a combined 50,000 square feet.
Mercury Air Cargo already moved into 5,400 square feet, and Sunlight Foods moved into 1,000 square feet, according to a news release from Banyan’s broker. (Worldwide Flight Services acquired Mercury Air Cargo late last year, according to media reports.)
Also, the Florida Department of Revenue leased 28,600 square feet; Waypoint Contracting and Silver Bullet Technologies each leased almost 4,000 square feet; Just Insurance Brokers leased 3,500 square feet; and Ware Malcomb leased 3,000 square feet, the release says. They are moving in at various times starting next month and through next summer.
Two existing tenants renewed their leases: manufacturing company Arthrex for 2,000 square feet and Florida Property & Casualty Insurance for 1,000 square feet. Atlas Real Estate Group expanded its Doral Center footprint to 1,700 square feet, according to the release.
Gordon Messinger of CBRE represented the landlord.
Miami-based Banyan Street, in partnership with Independencia Asset Management, bought the pair of office buildings on the southwest intersection of Northwest 36th Street and Northwest 87th Avenue in Doral for $43 million in 2020.
Doral Center is at 8750 Northwest 36th Street and 3750 Northwest 87th Avenue. The deal included some surrounding acreage.
After the purchase, the owners embarked on $14 million of capital improvements to the 290,000-square-foot Doral Center, according to the release. In addition, Banyan is building out 25,000 square feet of move-in ready spec suites at one of the buildings.
Tropical Smoothie Café, Mecox, more I The Plaza at CasaMara I West Palm Beach
Developer Time Equities has fully leased The Plaza retail portion at its CasaMara mixed-use project in West Palm Beach.
In total, eight tenants will occupy a combined 15,000 square feet of space at CasaMara at 3111 South Dixie Highway.
They are Tropical Smoothie Café, restaurant Guaco Go, West Palm Wine, antique and vintage goods store Mecox, kitchen design company Bakes & Kropp Fine Cabinetry, salon DryBar and fitness center StretchLab, according to Time Equities’ news release. Common Grounds Brew & Roastery is the only tenant that has opened so far.
Alfredo Sanchez of Landmark Commercial Realty Advisors represented the landlord.
The 10-acre CasaMara consists of seven buildings with 300 apartments and a 16,000-square-foot clubhouse. The multifamily portion is fully leased.
Led by CEO Francis Greenburger, New York-based Time Equities is an investment and property management firm, according to its website. Its portfolio spans 39 million square feet of residential, industrial, office and retail real estate.
Diagnostic Center for Women I Galloway Medical Center I Miami-Dade County
The Diagnostic Center for Women renewed and expanded its medical offices at the Galloway Medical Park 1 property near South Miami.
The Diagnostic Center added 13,000 square feet to now lease 29,000 square feet at 7500 Southwest 87th Avenue, according to a news release from the tenant’s broker.
Zachary Talbot and Robert Orban of Cresa represented the Diagnostic Center. Andres del Corral of Blanca Commercial Real Estate represented the landlord.
The Diagnostic Center, which is part of Femwell Group Health and affiliated with TopLine MD Health Alliance, provides mammography, ultrasound and biopsy services, according to the release. It also has locations in North Miami, Boca Raton, and Pembroke Pines.
Medical office space has remained immune to the work-from-home trend that has affected much of the rest of the office market.
In August, Baptist Health paid $17.9 million for an 18-acre development site entitled for 215,000 square feet of medical offices, 70,000 square feet of education and 125 hotel rooms in Miami-Dade County’s West Kendall neighborhood.
That property is part of the 70-acre Kendall Town Center mixed-use development between Southwest 88th and 91st streets and Southwest 162nd and 158th avenues. The hospital has said it plans to use its property to complement its existing services at its West Kendall Baptist Hospital, which is adjacent to the development site.
The Blind Monk I AKA Hotel I West Palm Beach
Downtown West Palm Beach staple The Blind Monk wine bar and restaurant will move, although it isn’t going far.
Ben Lubin’s The Blind Monk leased a 2,000-square-foot indoor space and a 1,000-square-foot patio at the AKA Hotel at 695 South Olive Avenue, also in downtown West Palm, according to a news release from the landlord’s broker.
Lubin, a former U.S. Marine captain, founded The Blind Monk in 2010. It is currently at 410 Evernia Street, five blocks north of the AKA Hotel.
Jaime Sturgis and Kaley Tuning were part of the Native Realty team that represented the landlords.
Electra America Hospitality Group and Korman Communities paid $83.9 million in April for the eight-story building, which was developed last year with the intention of being a micro-unit apartment project.
Electra America and Korman are repurposing the property, with the 215-key AKA expected to open in November.
Sun Sentinel I Deerfield Beach
The South Florida Sun Sentinel is staying at its Deerfield Beach location.
The newspaper, owned by Tribune Publishing, renewed its 290,000-square-foot lease at 333 Southwest 12th Avenue, which includes a printing plant and distribution facility, as well as a two-story office, according to a news release from the tenant’s broker.
Keith Graves and Jonathan Thiel of Berger Commercial Realty/Corfac International represented the Sun Sentinel. Tom O’Loughlin of CBRE represented the landlord.
An affiliate of Link Logistics, which is a subsidiary of Blackstone, owns the building, which was constructed in 1988 on 23 acres, according to records. It had paid $25.5 million for the property in 2016.
Other newspapers printed at the property include New York Daily News, New York Times, New York Post, Wall Street Journal and the weekly Barron’s financial publication.
Carter’s Retail, The Great Greek Mediterranean Grill I Shadowwood Square I Boca Raton
The Shadowwood Square retail complex near Boca Raton scored two tenants.
Baby and children’s clothing retailer Carter’s Retail signed a 10-year lease for 4,000 square feet at 9831 Glades Road, and The Great Greek Mediterranean Grill signed a five-year lease for 2,700 square feet at 9961 and 9963 Glades Road, according to a Terranova news release.
Mindy McIlroy of Terranova represented the company in the deals. Brandon Nocella of Strategic Retail Advisors represented Carter’s, and Harlan Ginn of United Franchise Group represented The Great Green Mediterranean.
The 220,000-square-foot Shadowwood is on the northeast corner of Glades Road and U.S. 441.
Other tenants include Bed, Bath & Beyond, Best Buy and Old Navy.
Kush I Clevelander South Beach I Miami Beach
Matt Kuscher’s Kush Hospitality Group made the leap across the bay and opened its first Miami Beach restaurant.
As the new venue’s name — Kush at the Clevelander — suggests, the restaurant opened at the Clevelander South Beach at 1020 Ocean Drive. The sports bar-styled eatery opened on Thursday behind the hotel’s pool, according to a news release from Kush Hospitality.
Kuscher first opened LoKal in Coconut Grove in 2011. Other current locations include Kush Wynwood, the next-door Botanica, Kush Coconut Grove and Vicky’s House Milkshake Bar + Beer Store next to LoKal. In Brickell, Tobacco by Road by Kush is an homage to the former Tobacco Road bar that closed in 2014.
Restaurants in Hialeah include Kush Hialeah and La Cocina Cocteleria cocktail bar.
The Cheesecake Factory I Promenade at Coconut Creek I Coconut Creek
The Cheesecake Factory will open at the Promenade at Coconut Creek.
The restaurant leased more than 9,000 square feet of indoor and outdoor space at the retail center at 4443 Lyons Road in Coconut Creek, according to a news release from the landlord’s broker.
Robert Spratt Jr. of Hill Partners, which manages and leases the Promenade at Coconut Creek, represented the landlord.
Cheesecake Factory will open in the former Banana Republic and Charming Charlie spaces. Build-out of the restaurant space is expected to start this fall.
In February, the restaurant also leased 7,000 square feet for 20 years at 600 Lincoln Road in Miami Beach, taking over the former Sushi Samba space.
Cheesecake Factory, based in Calabasas, Calif., is publicly traded.
AEW Capital Management bought the 23-acre Promenade at Coconut Creek for $85.5 million in 2016.
The Promenade has more than 50 retailers and restaurants, as well as offices. It is anchored by the 11-screen Silverspot Cinema and by Guitar Center.
Rebag I Sawgrass Mills I Sunrise
Rebag opened a location at the Sawgrass Mills mall in Sunrise.
Rebag has a 1,700-square-foot store with a lounge and bar at the mall at 12801 West Sunrise Boulevard, according to a Rebag news release. It opened on Thursday.
Founded in 2014, Rebag allows customers to buy, sell and trade their luxury accessories such as handbags, jewelry, watches and small leather goods, according to its website. It recently added footwear and select apparel to its offerings.
Rebag uses Clair AI image recognition and pricing technology that quickly identifies and prices items, giving customers who sell their luxury goods accurate quotes, the release says. The company also offers a trade option, allowing customers to buy and sell in one transaction.
Other Rebag locations in South Florida include Dadeland Mall and in Miami’s Brickell neighborhood.
Real estate investment trust Simon Property Group owns Sawgrass Mills, which has more than 350 stores and is known for its outlets, including Nike and Ralph Lauren, according to Sawgrass’ website.