Lease roundup: Citigroup Center in downtown Miami nabs tenants

MV Group’s Springs Circle Center and Kimco Realty’s Flagler Park Plaza also filled space

Miami /
Jan.January 23, 2023 10:46 AM
From left: CP Group’s Angelo Bianco, Monarch Alternative Capital’s Michael Weinstock, MV Group USA’s Manny Varas; The Springs Circle Center at 1 South Royal Poinciana Boulevard and 69 Hook Square in Miami Springs; Citigroup Center at 201 South Biscayne Boulevard in downtown Miami (Getty, CP Group, MV Group USA, Monarch Alternative Capital)

From left: CP Group’s Angelo Bianco, Monarch Alternative Capital’s Michael Weinstock, MV Group USA’s Manny Varas; The Springs Circle Center at 1 South Royal Poinciana Boulevard and 69 Hook Square in Miami Springs; Citigroup Center at 201 South Biscayne Boulevard in downtown Miami (Getty, CP Group, MV Group USA, Monarch Alternative Capital)

RSG, Max Borges Agency, Plus International Bank, more I Citigroup Center I downtown Miami

In South Florida’s office leasing spree, Brickell has emerged as a most coveted location.

Yet, four firms shunned the neighborhood, instead opting for downtown Miami and specifically for the Citigroup Center tower at 201 South Biscayne Boulevard.

In the biggest lease, Andorran private bank Andbanc moved from 1221 Brickell Avenue to 6,700 square feet at Citigroup Center. Plus International Bank left its digs at 600 Brickell Avenue for 5,700 square feet at Citigroup Center. Public relations firm Max Borges Agency, now at 80 Southwest Eighth Street, will move into 2,800 square feet at the building; and Banco General, previously at 1221 Brickell Avenue, now occupies 2,200 square feet at Citigroup Center, according to a news release from the tower’s owner.

Also, management consultancy Resource Systems Group, based in White River Junction, Vermont, made its Miami debut, leasing 2,900 square feet at Citigroup. LSC Investment subsidiary Olio moved into 3,900 square feet at the tower.

Citigroup Center scored two renewals, as well. Financial adviser Face Capital Advisors extended its agreement for over 1,100 square feet; and Alubar Metals, a manufacturer part of Brazilian conglomerate The Alubar Group, extended its agreement for 2,000 square feet, according to the release.

Steven Hurwitz and Doug Okun led the JLL team that represented the landlords.

CP Group, previously called Crocker Partners, paid $262.5 million for the 34-story tower in 2012. Its ownership partners include Monarch Alternative Capital, which bought its stake in 2021 for $300 million.

CP Group, based in Boca Raton, is led by managing partner Angelo Bianco. Monarch, which lists offices in New York and London, is led by CEO Michael Weinstock.

The 810,000-square-foot Citigroup Center, largely considered the second biggest Class A office building in Florida, is in line for renovations, the release says. The owners are developing another 10 suites totaling 37,000 square feet, with each office’s size ranging from 1,900 square feet to 9,000 square feet. One of the suites is under contract.

Smoothie Spot, The Spot Barbershop, more I The Springs Circle Center I downtown Miami Springs

Two months short of completing an overhaul of its downtown Miami Springs retail center, MV Group USA has leased 90 percent of the property.

The Miami-based firm, led by Manny Varas, bought the plaza at 1 South Royal Poinciana Boulevard, and the two buildings at 69 Hook Square for $6.1 million in late 2021. At the time, the renovations were estimated to cost up to $14 million, with the properties ultimately rechristened The Springs Circle Center.

New tenants on tap at 1 South Royal Poinciana include Smoothie Spot, The Spot Barbershop, Design Med Spa and vape store Holy Smokes, according to an MV Group news release. Businesses that vacated their spaces at the plaza but are returning under new 10-year leases include Eurowindows, Burritoville, Poinciana Flowers, Beautiful Hair By Ingrid and Ray’s Tae Kwon Do Center.

Tenants returning to 69 Hook Square include Prime Fitness, Coverall Medical, Marisol DDS and Prado School, according to the release.

The businesses took on average 1,500 square feet to 2,000 square feet each.

Andrew Pearl of Investment Management Associates represented MV Group in the deals.

The buildings, completed in 1945 and 1953, total nearly 30,000 square feet.

KPOT Korean BBQ & Hot Pot I Flagler Park Plaza I Miami-Dade County

Restaurant KPOT Korean BBQ & Hot Pot will open at Flagler Park Plaza in west Miami-Dade County.

KPOT Korean BBQ signed a 10-year lease for 6,000 square feet at 8255 West Flagler Street, according to the tenant’s broker. KPOT will open in the fourth quarter.

The property is part of Kimco Realty’s Flagler Park Plaza on the northwest corner of West Flagler Street and Northwest 82nd Avenue.

Daniel Solomon of Katz & Associates represented KPOT. Danny Diaz of CBRE and Susana Hernandez-Hazzi of Kimco represented the landlord.

Kimco, a real estate investment trust based in Jericho, New York, paid $95 million for the roughly 355,000-square-foot Flagler Park Plaza in 2007, property records show.

Milton Cooper founded Kimco and is its executive chairman. Conor Flynn is CEO.

True Treasures Consigned Furniture & Home Décor I Palm Beach Gardens

True Treasures Consigned Furniture & Home Décor will open its fourth Florida location in Palm Beach Gardens.

The furniture and home décor consignment store signed a 10-year lease for 12,000 square feet at 3901 Design Center Drive, where it will open in the third quarter, according to a news release from the tenant’s broker.

Robert Nuchereno of Katz & Associates represented the tenant, and Tara England of Cushman & Wakefield represented the landlord.

An affiliate of Precise Property, a real estate investor that lists offices in Jupiter and Quebec, owns the 45,400-square-foot mixed-use building that was completed in 2006 on less than an acre, records show. Bruce Schreiber is president of Precise Property’s U.S. division, according to the firm’s website.

True Treasures, which has been in South Florida for more than 26 years, has stores at 3918 Northlake Boulevard in Palm Beach Gardens, 111 U.S. 1 in North Palm Beach and 14555 South Military Trail in Delray Beach, its website shows.





    Related Articles

    arrow_forward_ios
    East End Capital’s David Peretz and Jonathon Yormak with 100 Biscayne Boulevard
    East End sues ex-Australian investors in Miami office tower for $2M
    East End sues ex-Australian investors in Miami office tower for $2M
    From left: Simon Property Group’s David Simon and Cohen Brothers Realty's Charles Cohen with the Dadeland Mall and the Design Center of the Americas (Getty, Scott Francis)From left: Simon Property Group’s David Simon and Cohen Brothers Realty's Charles Cohen with the Dadeland Mall and the Design Center of the Americas
    Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza
    Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza
    Crunch Fitness and Big Move Properties' Douglas Levine with aerial of 400 Northeast 67th Street
    Crunch Fitness founder plans adaptive reuse project in Little Haiti
    Crunch Fitness founder plans adaptive reuse project in Little Haiti
    1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
    South Florida retail vacancies drop, rents rise in the fourth quarter
    South Florida retail vacancies drop, rents rise in the fourth quarter
    304 Southwest 145th Avenue
    Russian ex-police general buys Pembroke Pines strip mall for $23M
    Russian ex-police general buys Pembroke Pines strip mall for $23M
    Henry Bott and Kieran Bowers with a rendering of One Brickell City Centre (Getty)
    Swire taps Henry Bott to replace Kieran Bowers as president in Miami
    Swire taps Henry Bott to replace Kieran Bowers as president in Miami
    From left: Prestige Companies’ Alexander Ruiz, Florida Value Partners' Gus Alfonso, Prestige Companies’ Marty Caparros, and a rendering of 7450 West Fourth Avenue in Hialeah (Getty, DTI Architects, Prestige Companies, Florida Value Partners)
    Prestige JV scores $21M construction loan for Hialeah apartments
    Prestige JV scores $21M construction loan for Hialeah apartments
    Brookfield’s Jared Chupalia and Mizner Park (Google Maps, Brookfield)
    Brookfield wants to sell Mizner Park in Boca Raton
    Brookfield wants to sell Mizner Park in Boca Raton
    arrow_forward_ios

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

    Loading...