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Colliers’ Executive Vice President Derek Baker represented the tenant in negotiating the deal. CBRE’s Joe Freitas, John Criddle and Max Pawk represented the landlord, Grover Corlew, in the lease negotiations.
A significant investment of approximately $12 million—contributed equally by the State, the City, and the Ritz-Carlton South Beach—is being dedicated to enhancing infrastructure, implementing art and landscaping, creating pedestrian-friendly streets to harmonize with the rest of Lincoln Road.
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%.
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.
Together, they will elevate and maximize the company’s existing properties, while also providing new and innovative opportunities.
The acquisitions total $15.5 million.
As a result of this successful transaction, the team has been designated as the sales broker to market three additional office buildings and one retail building in the immediate area.
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