Leasing & emerging markets new for the week of Oct. 11
Two real estate investment firms with billions of dollars under management have secured space in a redeveloped commercial building in Miami’s Coconut Grove neighborhood.
ACORE Capital and Trinity Investments have secured a total of 7,000 square feet on the second floor of The Canopy Offices, a former retail building at 2982 Grand Ave. that will soon reopen as a converted Class A boutique office.
Trending:Developer files new plans for massive mixed-use project site in Boca Raton (Photos)
Looking for a better way to start your day?
The Morning Edition Newsletter has you covered.+ Opt In
Both firms should be moving into their respective spaces sometime this month, said Michael Comras, principal of The Comras Co., The Canopy Offices’ developer.
ACORE, which stands for Alpha Commercial Real Estate, will move into a 4,000-square-foot space. Based in San Francisco and founded by Warren de Haan, it has $19 billion in assets under management.
Trinity Investments will open a 3,000-square-foot office. The Honolulu-based firm has more than $9 billion in assets under management, with a portfolio that includes the East Miami Hotel in the Brickell Financial District and the Diplomat Beach Resort in Hollywood.
Comras said The Canopy Offices will house the first offices in Miami for both firms. Trinity Investments and ACORE did not immediately return inquiries for comment. However, Haan confirmed ACORE’s move to its first South Florida office in a Comras Co. news release.
“As a major financial and property market, Miami is strategically located relative to our other East Coast office in New York, positioning us well to capitalize on the compelling origination opportunities we have identified in [South Florida], as well as along the broader East Coast,” he said.
S & C Ventures, which shares the same Miami Beach office as Comras Co., acquired the 19,825-square-foot lot in 1994, according to the Miami-Dade County Property Appraiser. No purchase price was listed. It was there that Comras said he built a 33,000-square-foot retail building that previously served as a home for Spec’s Music, Old Navy and a Shaq’s 24 Hour Fitness.
Comras said he opted to redevelop the building as an office with ready-to-move in suites to capitalize on the influx of business executives moving into the area from other parts of the country.
“The whole idea was to cater to the new people who are moving into the Coconut Grove area,” he said. “These are chief executives of major companies who want offices around the area they have chosen to relocate.”
According to the second quarter market report from Colliers, the average asking rent for an office in Coconut Grove is higher than the average listed rent countywide. In Miami-Dade, the average listed rent for an office in the second quarter was $54.29 a square foot. In Coconut Grove, the average listed rent was $65.59 a square foot.
During the pandemic, high-income households flocked to South Florida to escape state income taxes and find better weather. Some of those new arrivals opened offices, restaurants and other facilities in the tri-county area, as well.
In just the span of a year, between 2021 and 2022, the influx of wealth and people infused South Florida with a net income increase of $8.6 billion, recently released figures from the IRS show. In the year prior – 2020 to 2021 – $14.7 billion in net income flowed toward South Florida.
Diagnostic lab company secures industrial lease in Jupiter
Due to an increase in business, Access Medical Labs recently leased 7,100 square feet of space in a one-story flex industrial building at 1460 Park Lane in Jupiter.
The facility was secured due to “unprecedented demand” for its service and a need to deliver products faster, according to the company.
Read more:Lennar has Everglades Outpost wildlife center under contract
Built in 2002, the building has 16-foot clear height and four drive-in bays. It is leased from Marc and Robin Thibault of Coastal Plumbing Inc., who acquired the property for $67,500 in April 1999.
Access Medical Labs, owned by the El-Hosseiny family and Grupo Diagnóstico Aries, provides diagnostic lab testing and research. Its 25,000-square-foot headquarters and main lab is also in Jupiter, at 5151 Corporate Way. In August, Access opened a 7,000-square-foot customer service center at 10455 Riverside Drive in Palm Beach Gardens.
The Big Number
$48 million
The amount East Capital Partners paid for Skylake Executive Industrial Park at 199501-19599 N.E. 10th Ave. in northern Miami-Dade County.
Erik Bojnansky, BizJournals
