The project is specifically engineered to cater to the discerning tastes of corporate tenants migrating from high-tax, high-cost environments, with a particular focus on companies exiting New York following the recent election of Mayor Mamdani.
A New York-based real estate firm acquired the pair of warehouse portfolios.
Sean Kelly, vice president at CBRE, said, “The submarket has attracted over 700,000 square feet of tenant relocations from other parts of Miami, as decision-makers prioritize proximity to home. Additionally, more than 150,000 square feet of new-to-Florida tenants have selected Coral Gables for their Miami headquarters.”
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VSRE’s Raydel Enriquez, Raul Estrada, Andrea Montejo and Carlos Velasquez represented Terreno in the transaction.
The 140-unit luxury apartment community was completed in July 2023.
Colliers’ Erin Byers, Lauren Pace, and Frankie Castellanos represented the tenant in the transaction. CBRE’s Devin White represented the landlord.
The retail property traded for $325 per square foot.
The exclusive leasing team for the project, JLL’s Sky Groden, SIOR; Ken Morris, SIOR; and Jeremy Cain, represented Bridge Industrial in the lease transaction. The tenant was represented by Rick Etner and Nicolas Reid of Cushman & Wakefield.
Marc Smouha and Jonathan Marti with Corepoint RE brokered the off-market deal.