This Class-A industrial complex will feature two LEED-certified buildings totaling 326,448 square feet. The project will be developed on a speculative basis, with vertical construction slated to begin later this year and delivery expected in the third quarter of 2025.
Richard Henry, Mike Ryan, Brian Linnihan, and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance represented the borrower, SJC Ventures.
M&M’s Michael Alaoui had the exclusive listing to market the property on behalf of the seller and procured the buyer.
The Miami Beach retail market continues to demonstrate strong fundamentals, with average submarket occupancy currently at 95%.
Wayne Ramoski and Ivanna Leitner Perez of Cushman & Wakefield represented GTS in the lease negotiations. George Pino, president of State Street Realty represented Prologis, the landlord.
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Adam H. Klein and Elon Gerberg facilitated the transaction for both seller and buyer.
The permanent financing provided by City National Bank paid off a bridge loan that Easton used to acquire the Offices at Doral Square for $28.5 million in December 2023.
SJC Ventures, in partnership with Nuveen Real Estate, plans to break ground in fall 2024 on the new development that will comprise an 88,938-square-foot mixed-use center, featuring retail stores, restaurants and service-driven businesses.
Together, they will elevate and maximize the company’s existing properties, while also providing new and innovative opportunities.